XAU/USD resumed its downside tendency yesterday. XAG/USD is trading in a range meanwhile. We advise to pay attention to the preliminary US Labor Market data and there is a probability of significant market’s reaction. However, we still have a downtrend although the price is close to the latest lows on the Weekly timeframe.
The uptrend is in progress on the Weekly chart as the price is above the MA55. Another attempt to break through the trendline failed and this event lead to some decline. We expect this dynamics to continue during the next couple of days.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We recommend opening short positions from 1318,00. Place stops above the balance line.
XAG/USD is trading within the 18,40-18,90 range and may stay here before Friday regardless the XAU/USD decline. This dynamics may be a result of doubts of market participants. They need more confirmations that the FOMC is ready to raise the interest rates.
There is the uptrend on the Weekly chart as the price is above the MA55. XAG/USD goes back to the red trendline and the price may reach 17,50 in the nearest future.
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 and observe the market as the situation is still unclear.