XAU/USD was trading in a tight range on Monday. Short trades were unsuccessful and you could fix them at breakeven level at least. It is better to take no decision at the moment as the market awaits for the results of FOMC meetings which are to be released on Wednesday. Interest rates futures indicates that only 12% of market participants expect the interest rates hike during September Fed Meetings. There is a probability of further XAU/USD growth.
There is the uptrend on the Weekly chart as the price is above the MA55. We have seen a decline according to the technical analysis last week. The asset may bounce off the red trendline 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 take no decision at the moment.
Market participants have already played the scenario in which FOMC members decide to do nothing. However, if they hike rates, XAG/USD may have a considerable and sharp decline. It is better to avoid trading as the situation is still unclear.
There is the uptrend on the Weekly chart as the price is above the MA55. We expect XAG/USD to be trading within a range of the last week.
There is the uptrend on the Hourly chart as the MA-channel looks upwards and the price is above the MA55. It is better to avoid trading and observe fluctuations.