Gold prices broke through 1277,00 offering an opportunity to open short trades. The next target is at 1250,00. We recommend fixing profit at this area. We also advise to close all positions before the beginning of the “Brexit” Referendum even if the price stays out of the target.
The Weekly chart shows correction the uptrend as the price is above the MA55 although it moves down. We expect it to continue the downwards tendency from the broken trendline.
The Hourly chart shows the downtrend as the price is below the MA55 and the MA-channel looks downwards. There was a break of 1277,00 and it was an opportunity to go short. At the moment we recommend taking a part of profit and protect the rest by moving stop-losses to the breakeven.
Silver price goes down as it broke the trendline on the Hourly chart yesterday offering the opportunity to open short trades on breaking through the trendline. The risks were very low. The next support is at 17,10.
The Weekly chart shows a correction to the uptrend as the price is above the MA55. The last week Doji may result in the reverse of the uptrend and we expect the downside tendency this week.
The Hourly chart shows the downtrend as the price is below the MA55 and the MA-channel looks downwards. There was a break of the trendline offering the opportunity to open short trades. You may protect your positions by moving stop-losses to the breakeven level. I expect the downside tendency to continue aiming the 16,50 area.