XAU/USD went downwards and there is a probability that the precious metal is going to change its current tendency as the trend line was broken through along with the MA55 balance line. US data was stronger than expected yesterday and the interest rates hike odds in December increased. Those odds jumped to 74%. We think that it is due to the better than expected US data and FOMC members’ comments. There is a probability that the upside correction is done.
There is the uptrend on the Weekly chart as the price is above the Ma55 balance line. The correction takes force and this upside tendency may continue this week.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is below the MA55 balance line. The MA-channel did not change its direction and we give no recommendations for today.
Silver offered and opportunity to open long trades. However, those trades ended with a little stop. XAG/USD had changed its tendency and broke through the trend line on the Hourly chart. The MA-channel had also changed its direction and we advise to open short trades.
The uptrend is in progress on the Weekly chart as the price is above the MA55. The upside correction takes force and this tendency is likely to continue this week.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to open short trades from the MA55. Place stops above the curve.