Our Friday’s thoughts are becoming true as the dynamics is changing. Gold has found its bottom point and is going to correct upwards. We think that there is a probability of a strong uptrend in the nearest future. However, this tendency is still unstable and we advise to do nothing today.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. XAU/USD slows down its downtrend and starts its correction according to our expectations. We expect that the upside tendency is going to accelerate.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55 balance line. We advise to do nothing today as there are no clear signals.
There was no opportunity to open short trades according to our recommendations as the tendency reversed. The uptrend is rather strong. The price is close to the upper side of the MA-channel and we give no recommendations.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. Last week ended with a Doji and the currency pair is able to grow this week.
The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to avoid trading today as the situation is still unclear.