XAU/USD failed to return to the MA55 area. However, the previously established target at 1318,00 was reached. Gold decline may stop as the market participants wait for US Final GDP q/q data. If this statistics is worse than expected, XAU/USD may gain some lost positions. Experts forecast GDP to grow up to 1,3% against previous 1,1%.
There is the uptrend on the Weekly chart as the price is above the MA55. The price bounced off the red trendline last week and we expect XAU/USD to be trading within a range formed by two trend lines.
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 take no decision today as there are no clear signals to trade.
Silver is going upside according to expectations. Yesterday there was a fake downside move. The upside correction is likely to continue today. However, the MA-channel still looks downwards. We advise to avoid trading long positions as it is too risky at the moment. Important US Final GDP q/q data is to be released today and may influence quotes’ fluctuations.
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 previous week.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55. We advise to take no trading decisions as there are no clear signals.