XAU/USD started its correction yesterday. As we have noticed previously, the price was in a area, which was hard to breakthrough. Market participants decided to fix their long positions because of the US Labor Market data which is to be released today. Investors prefer to avoid risks as this data provoke high volatility.
There is the uptrend on the Weekly timeframe as the price is above the MA55 balance line. The upside correction may last until 1306,00.
The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55 balance line. We give no recommendations today as important US Labor Market data is to be released.
Silver was unable to establish new highs and a correction started according to our expectations. The downside tendency is in place and we could even give recommendations to open short trades. However, we advise nothing as the US Labor Market data is approaching and it is better to avoid trading before the release.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There is an upside correction and we had to adjust the red trendline. We expect the upside dynamics to continue this week.
There is the downtrend on the Hourly timeframe as the MA-channel goes downwards and the price is below the MA55 balance line. We give no recommendations today as the important US Labor Market data may provoke high volatility.