Weekly #Gold (#XAUUSD) & #Silver (#XAGUSD) Price Analysis: 18 April 2022

 

Gold (XAUUSD) Prices Up Around 1.5% Last Week, Sellers May Step in Soon

Gold Weekly Price Analysis – April 16

When price break up the resistance level of $1,975, price may increase to the high of $1,996 and $2,020 levels. An increase in the bears’ momentum may push the price to break down $1,950 support level in which it may extend to the low at $1,915 and $1,888 levels.

XAUUSD Market

Key levels:

Resistance levels: $1,975, $1,996, $2,020

Support levels: $1,950, $1,915, $1,888

XAUUSD Long-term Trend: Bullish

Gold is on the bullish movement in daily chart. The yellow metal was on the ranging movement last week within the resistance level of $1,950 and the support level of $1,915. On April 11, the bulls gained more pressure to push up the price. It increased in value and broke up the resistance level of $1,950. The resistance level of $1,975 was tested before weekly market closed. Further increase in price towards the previous high is envisaged next trading week.

Gold price is trading above the 9 periods EMA and 21 periods EMA before the weekly market closed. When price break up the resistance level of $1,975, price may increase to the high of $1,996 and $2,020 levels. An increase in the bears’ momentum may push the price to break down $1,950 support level in which it may extend to the low at $1,915 and $1,888 levels.

Gold is on the bullish movement in the medium-term outlook. The bulls terminated the ranging movement within the $1,950 and $1,915 which commenced on March 16 when bears and bulls lose their momentum. The resistance level of $1,950 level was broken upside and the resistance level of $1,950 was penetrated. Bulls were struggling to break up $1,975 level.

The two EMAs are separate from each other and the price is trading above the two EMAs indicating bullish momentum. The Relative Strength Index period 14 is found at 59 levels and the signal line pointing up which indicate a buy signal.

Silver (XAGUSD) Price: Bullish Movement Restores and Price Targeting $26 Level

SILVER Weekly Price Analysis – April 17

In case the bulls push up the price above the resistance level of $26, price may test the resistance levels of $27 and $28. Should the resistance level of $26 holds, price may reverse and face the support levels of $25, $24 and $23.

XAGUSD Market

Key Levels:

Resistance levels: $26, $27, $28

Support levels: $25, $24, $23

XAGUSD Long-term trend: Bullish

XAGUSD is bullish on the long-term outlook. Two weeks ago, the metal pulled back when it tested the resistance level of $27 on March 08. The metal retested the support level of $23 and bounced back with formation of a pin bar. This scenario restored the bullish momentum in to the Silver market. Silver price has broken up the resistance level of $25 resistance level and it is targeting $26 price level.

Silver is trading above the 9 periods EMA and 21 periods EMA which indicates that bulls are dominating the Silver market. The fast moving Average (9 periods EMA) is trying to cross the slow moving Average (21 periods EMA) upside. In case the bulls push up the price above the resistance level of $26, price may test the resistance levels of $27 and $28. Should the resistance level of $26 holds, price may reverse and face the support levels of $25, $24 and $23.

XAGUSD Medium-term Trend: Bullish

XAGUSD is on the bullish movement on 4-hour chart. Silver bounced off the resistance level of $25 as the bears opposed the bullish movement. The price pulled back and retested the support level of $23. On March 22, the bullish engulfing candle formed and this triggered a bullish momentum and the price increase towards $26 level.

Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 59 levels with the signal line displaying a bullish signal.

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