XAU/USD traded in a narrow range according to our expectations. There was no important data yesterday to influence fluctuations. Today we recommend paying attention to some important statistics. XAU/USD price is within a triangle and there is a probability of breakthrough during the day. We advise to prepare for short trades.
There is the uptrend on the Weekly chart as the price is above the MA55. XAU/USD made a fake breakthrough of the descending trendline and may resume the downside tendency.
As for the Hourly chart, there is no trend here as the MA-channel is horizontal and the price is below the MA55. We expect further downside moves. However, there is still no clear tendency on the chart. We recommend placing short trades orders below the lows in the 1322,00 area.
Silver also forms a triangle. There is a probability of downside breakthrough. Yesterday price made new lows showing the ability to further decline. Today’s stats will determine XAG/USD fluctuations.
There is the uptrend on the Weekly chart as the price is above the MA55. Growth towards a new resistance at 25,00 is still postponed.
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 trades from 19.80, placing stops at 20,00.