XAU/USD tried to go upwards last week. We think that Interest Rates hike odds are already included in the current price. If those assumptions are right, Gold has an opportunity to grow at least towards 1195,00. However, we do not expect this to happen in the nearest future as this growth will be a part of a correctional wave. This assumption needs proofs. There will be a portion of important US data on Friday.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. XAU/USD failed to reach 1100,00 level and we think that Gold is unable to do this in the nearest future. We think that Gold is going to continue its correction this week.
There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to open long trades from the MA55 balance line, Place stop losses below the curve.
Silver had enough correction to assault 16,24 level in the nearest future. We think that XAG/USD is going to do this tomorrow only and we advise to avoid trading before this moment. It is risky to open trades today as the price had a considerable growth in the past couple of hours.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. Last week closed higher and we think it is time for a correction to take place. We think that this correctional grow will continue this week.
There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55 balance line. We advise to avoid trading today as the situation is still unclear.