Gold resumed its decline since yesterday’s morning when we had mentioned that it was too late to open short trades. This time your sells could be successful. However, such situations are rare. XAU/USD’s decline was influenced by the results of the MPC meetings. The decision to postpone the rate cut was unexpected by the market as Mark Carney underlined the possibility of monetary easing during the summer.
There is the uptrend on the Weekly chart as the price is above the MA55. XAU/USD forms a fake breakthrough of the descending trendline.
As for the Hourly chart, there is the downtrend here as the MA-channel goes downwards and the price is below the MA55. The short trades are risky today as it is Friday. However, you may try sells from the MA55.
XAG/USD continues to trade in flat. We advise to avoid trading. The breakthrough of the triangle is probable today. However, we do not expect a momentum. The price may slide down to this week’s lows.
There is the uptrend on the Weekly chart as the price is above the MA55. We still expect the probability of price growth towards resistance at 25,00.
As for the Hourly chart, there is the neutral trend here as the MA-channel looks no direction and the price is close to the MA55. We advise to avoid trading silver today.