Gold continued its upside dynamics close to the upper side of the MA-channel but we think that the situation may change today after the release of the US Labor Market data. Market participants think that this data is going to be worse than forecasted as ADP Non Farms were weaker than expected. Anyway, today’s statistics is hard to be predicted.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. Gold failed to reach 1100,00 and we think it is not going to do it in the nearest future. We expect XAU/USD to continue its correctional growth 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 give no recommendations today as it is an important US Labor Market data on the way.
Silver had some growth yesterday but it was limited and we gave no recommendations. Silver had a sharp downside momentum and reached 16,21 today in the morning. Here was a good opportunity to open long trades. However, we think that it is better to avoid trading before today’s US Labor Market data.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. XAG/USD had some growth last week and we think that this correction is going to continue.
There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. It is better to avoid trading today as it is hard to say how market participants are going to react on the US Labor Market data.