XAU/USD declined after some sharp fluctuations. Yesterday’s data should give some support to this asset. However, we have seen no signs of growth. The situation is still unclear and we expect today’s US CPI data to bring some action. This statistics will certainly influence FOMC decision.
There is the uptrend on the Weekly chart as the price is above the MA55. We have seen some moderate growth last week. However, the trendline held its positions and the price bounced off it and reversed. We expect the negative dynamics 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. It is better to avoid trading today as the situation is far from being clear.
Silver price remained within a triangle regardless worse than expected USD Retail Sales data. We expect today’s US CPI data to have more influence on precious metals. Inflation is a key statistics that may finally influence FOMC decisions. However, the situation is still unclear and may remain unchanged for longer period as investors wait for the FOMC Meetings next week.
There is the uptrend on the Weekly chart as the price is above the MA55. XAG/USD reached the trendline at 20,00 and reversed downwards. We expect the negative dynamics to continue this week.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55. It is better to avoid trading today as the situation remains unclear.