XAU/USD is trading within a tight range for the second week in a row. The asset tried to grow today in the morning but it still remains within the range. Today’s US CPI m/m data may have considerable impact on fluctuations. Especially if the final result is better than expected. However, if US CPI releases close to forecasts, there may be no change in the current scenario. The MA-channel is still horizontal and we advise to take no decision in this situation.
The uptrend is in progress on the Weekly chart as the price is above the MA55 balance line. There was no upside correction. There is a probability for the downside tendency to develop this week.
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 wait for clearer signals to take any decision.
Silver is trying to grow today in the morning. However, those attempts seem to be unstable. If we take a look at the Weekly chart, we may see that the price corrects towards the trendline before further decline. We advise to open trades only after the confirmation of the breakthrough. There was no opportunity to sell yesterday as the price avoid to reach 17,50 area.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was no correction. The fact that XAG/USD has broken through the trend line indicates on the probability of acceleration of the downside tendency.
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 open short trades if price crosses 17,30.