XAU/USD established new weekly lows. However, better than expected US data took the wind out of Bears’ sails. Technical image on the Weekly chart prevent Gold from going further downside. New important events are needed to allow gold to decline significantly. Good US GDP 3rd quarter statistics may offer such an opportunity. However, it is to be released in the end of the year. We expect XAU/USD to establish new lows on today’s US data, although those new lows are supposed to be close to the previous ones.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. We expect XAU/USD to trade within two trend lines this week ad there was a bounce of the trendline last week.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55. There is a probability for the currency pair to be trading in both directions. We advise to take no trading decisions today.
XAG/USD is trying to reverse upwards after a considerable downtrend. The MA-channel is horizontal and may change the tendency today. US data is very important for further fluctuations forecast.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. We expect XAG/USD to be trading within last week’s range
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55 balance line. We advise to wait for the trend to be changed.