XAU/USD continued to establish new lows after the US Services PMI data which was better than expected. US ADP Non-Farm Employment change was worse than forecasted. However, this data was not important for market participants. US Services PMI data surprised investors. Interest Rates hike odds went up towards 65%. This fact gives support to USD against Gold and other precious metals. Today we advise to pay attention to the US Unemployment claims data.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There is a probability of the breakthrough of the red trendline this week.
The downtrend is in progress on the Hourly chart as the MA channel goes downwards and the price is below the MA55 balance line. We advise to avoid trading today as the price is below the lower side of the MA-channel.
Silver prices copied XAU/USD dynamics and established new weekly lows. US Labor Market data is very important for precious metals. If Non-Farm Payrolls are going to be better than forecasted, USD may gain additional support against Gold and Silver.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. XAG/USD was trading within the last week’s range. We expect the price to go slowly down.
There is the downtrend on the Hourly chart as the МА-channel goes downwards and the price is below the МА55. It is better to avoid trading today as the price is below the lower side of the МА-channel