XAU/USD had a considerable decline right after the US Labor Market data publication. Two important components (Non-farm payrolls and Average earnings) have shown better than expected results. Earnings growth may have a significant impact on the inflation and this may lead to the interest rates growth this year. Gold lost its positions. The probability of interest rates growth in December increased up to 43%. Today we expect correction.
There is the uptrend on the Weekly chart as the price is above the MA55. Another attempt to break through the trendline may result in further decline towards 1310,00.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55. It is better to avoid trading as the price is close to the lower side of the MA-channel.
Silver had a considerable decline on a better than expected US Labor Market data. Today we expect some correction. However, investors are bearish towards the precious metals. We expect futher decline this week.
The uptrend is still in progress on the Weekly chart as the price is above the MA55. We expect Silver to trade within a range 19,30-20,20.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to avoid trading as the price is close to the lower side of the MA-channel.