XAU/USD established new lows close to the previous ones according to our expectations. US data was mixed. US Personal Spending data was worse than expected and USD is under some pressure at the moment. XAU/USD has an opportunity to gain back some lost positions. However, we expect the pressure on Gold to grow towards the end of the week due to important US Labor Market data. We expect XAU/USD to decline moderately today. However, since tomorrow, the tendency may be changed.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There is a high probability that XAU/USD break through the red trendline in the next couple of days.
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 open short trades from the MA55 or from the trendline.
XAG/USD changed its trend on the Hourly chart as we have previously expected. However, when the price reached the upper side of the MA-channel, there was a sharp reverse downwards. We expect the uptrend to restore. However, it is still unclear who will dominate the market – Bulls or Bears.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The precious metal was trading within a range of the last week. We expect XAG/USD to decline this week.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is below the MA55 balance line. It is better to avoid trading at the moment as the situations is still unclear.