Gold price stopped close to the support level at 1277,00. If it breaks this level, the downside tendency will continue. It may happen even today, before the “Brexit” Referendum in the Great Britain.
The Weekly chart shows the uptrend as the price is above the MA55. We expect some downside moves from the broken trendline.
The price goes under the MA55 on the Hourly chart and the MA-channel creeps down. Those may be the signs of the level breakthrough. You may open short trades when the price breaks the level at 1277,00.
Silver price goes in no direction. However, there is a trendline under the price chart which is the support level. This may be the main reason why Silver dynamics is limited. If Gold finds its support, Silver may follow it.
The Weekly chart shows the uptrend as the price is above the MA55. A Doji formed on the Weekly and this may result in the reverse. This week we expect downside tendency.
The price goes flat on the Hourly chart as the MA-channel shows no direction although the price is below the MA55. Trendline still holds. Price reduction may be temporary and limited by the trendline. We recommend opening short positions only if price breaks the trendline on the Hourly chart.