Gold broke 1300,00 level in yesterday’s European session and then got back providing an opportunity to open long trades. As I have mentioned, it is better to find signals through minimal corrections. However, in the evening the news on tragic events in the Great Britain considerably change the market image. You could protect your trades by placing a stop-loss on the opening level.
The Weekly chart shows the uptrend as the price is above the MA55. The price may continue its moderate growth targeting the broken trendline.
As for the Hourly chart, the price is in flat as the MA-channel shows no direction although the price is below the MA55. The reverse is also possible as the trendline of the uptrend was broken. I recommend staying off the market today until the situation becomes clearer.
Silver prices also did some pirouettes yesterday. However, they didn’t touch the high from January 01m 2016 as well as they didn’t break the trend line. XAG/USD is somewhere in the middle of the channel and flat is possible.
The Weekly chart shows the uptrend as the price is above the MA55. There is still potential for some growth through a correction.
As for the Hourly chart, the price goes to no trend as the MA-channel is neutral, although the price b below the MA55. The trendline still holds its positions which mean that there may be no fall in Silver prices.