Gold price tested 1350,00 and was unable to break it through. However, this week XAU/USD may continue to “bombard” this level. We need Gold to stabilise in order to analyse it. Otherwise there are high risks of mistakes as the market is still volatile and the news are coming.
The Weekly chart shows the uptrend as the price is above the MA55. XAU/USD is close to the important 1350,00 area because of fears that UK will leave the European Union.
As for the Hourly chart, there is the uptrend here as well as the price is above the MA55 and the price is out the MA-channel. I recommend to wait until the price is back to the MA-channel in order to have more adequate results of the analysis.
Silver price goes back to the MA-channel and you may have an appropriate picture of the market by the evening. The consequences of the “Brexit” Referendum still influence the market.
The Weekly chart shows the uptrend as the price is above the MA55. It goes the resistance level at 18,50.
The Hourly chart shows the uptrend as the MA-channel looks upwards and the price is above the MA55. It is better to avoid trading today as the market is still far from being stable and there may be some price sharp moves.