Gold declined to the balance line according to our expectations. There was an opportunity to open long trades from the MA55 during the European session. XAU/USD’s price had a 5 USD’s growth and it was enough to take some profit or to protect trades. Gold broke through the trendline and stopped its upside tendency today in the morning. We think that XAU/USD is going to decline towards the next support line on the Hourly chart and then it is going to grow again.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was a correction growth last week and it is likely to continue in the nearest future.
There is no trend on the Hourly chart as the MA-channel is neutral and the price is below the MA55 balance line. We advise to avoid trading today, as the situation is still unclear.
Silver was close to the balance line offering an opportunity to buy and the price was in the profit area for 17 pips. It was enough to take profit or to protect your trades. We think that XAG/USD is going to correct towards the trendline and it is better to do nothing.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. XAG/USD continued its correction last week and we think it is going to grow in the nearest future.
There is no trend on the Hourly chart as the MA-channel is neutral and the price is below the MA55 balance line. We advise to avoid trading today as the situation is still unclear.