Gold was unable to renew highs and reversed downwards according to our expectations. A pattern fo further downside tendency is forming. The price went down today in the morning and this process may accelerate. The main event of the week to pay attention to is the Fed Head’s Yellen speech at Jackson Hole Symposium.
There is the uptrend on the Weekly chart as the price is above the MA55. Another attempt to break through the trendline failed. This may lead to further price decline.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to open short trades from 1338,00.
XAG/USD accelerated its decline on Friday and opened with a gap today in the morning. We expected this situation. Unfortunately, there was no opportunity to open trades. It is too risky to enter the market at the moment.
There is the uptrend on the Weekly chart as the price is above the MA55. Silver declined to the lower side of the 19,30-20,40 range and crossed it today in the morning.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. XAG/USD is out of the MA-channel and we advise to avoid trading today.