XAU/USD traded in a tight range on the eve of the FOMC Meeting Minutes release. However, Gold resumed its growth right after the event and it may continue today as there are no signs of interest rates growth in the nearest future. Interest rates futures shows the decline of expectations in rates growth in September from 18 to 12%. This may indicate on further uptrend in XAU/USD.
There is the uptrend on the Weekly chart as the price is above the MA55. Another attempt to break through the trend line may be successful.
There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. WE advise to open long trades from the MA55 area. Place stops below the MA55.
XAG/USD continued to trade with negative dynamics on the eve of the FOMC Meeting Minutes release. It change the direction right after the event. We expect the price to be in the positive area today. However, we recommend avoiding trading at the moment.
The uptrend is in progress on the Weekly chart as the price is above the MA55. XAG/USD is trading within the 19,30-20,40 range. We expect it to go down to the lower side of the range and to break it through this week.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55. We advise to avoid trading today.