XAU/USD is still under pressure and establishes new lows. Gold went down yesterday after a sort of a correction. However, this correction was weak and there was no opportunity to open short trades from the safe area. The most important US Labor Market data is expected today. USD is going upwards as market participants have no doubts this statistics is going to be better than expected. However, if US data fails to meet those expectations, XAU/USD may gain some positions back.
There is the uptrend on the Weekly chart as the price is above the MA55. There is a probability that the price breaks through 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 open trades only after the US Labor Market data release.
Silver follow Gold and established new weekly lows. US Labor Market data is very important for precious metals at the moment. If this statistics is better than forecasted, the pressure on precious metals will be stronger. However, we think that the price already includes strong Labor Market data.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. XAG/USD was trading within a range of the last week. We expect the price to decline this week.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to wait until the release of the US Labor Market data in order to open any position.