XAU/USD touched day’s lows at 1349,00 and resumed its growth after the Bank of England decision to stimulate economic growth by monetary policy easing. We expected Gold to reverse from lower points and we gave no advises. The price is currently in the Tuesday range. It may try to break the range only after the US Labor Market data. We recommend paying much attention to this event.
There is the uptrend on the Weekly chart as the price is above the MA55. Further Gold growth is probable as some factors exert pressure on USD.
The trend is neutral on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55. We advise to avoid trading today because of the Important US Labor Market data.
XAG/USD declined yesterday, then reversed and reached the MA55 balance line right after the Bank of England decision. We expect the price to fluctuate close to the Balance line until the US Labor Market data which is to be published today in the evening.
The uptrend is in progress on the Weekly chart as the price is above the MA55. Some factors exert pressure on USD. We expect precious metals to continue growth.
The downtrend is clearly seen on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to avoid trading as important US Labor Market data is expected.