Weekly #Gold (#XAUUSD) and #Silver (#XAGUSD) Price Analysis: 2 May 2022

Posted by Clara Mellor on 01:05 with No comments

 Gold (XAUUSD) Price: Bears Are Dominating Gold Market

Gold Weekly Price Analysis – April 30

Should the bears break down $1,888 level, price may decrease to the support levels at $1,868 and $1,833. In case bulls push Gold to break up the resistance level at $1,915, then, $1,950 resistance level may be tested and there may be a price inclination to the resistance level of $1,975

XAUUSD Market

Key levels:

Resistance levels: $1,915, $1,950, $1,975

Support levels: $1,888, $1,868, $1,833

XAUUSD Long-term Trend: Bearish

Gold is bearish on the long-term outlook. The bullish momentum has pushed the price to test the resistance level of $1,996. It seems the bulls’ momentum is getting weak when the price reached the resistance level of $1,996. The yellow metal demonstrated a consolidation movement at the $1,908 price level. Last week, the bears dominated the market and the price decreased to test the support level at $1,888 before the closing of the weekly market.

old market closed with a strong bearish momentum as indicated on the daily chart. Gold has penetrated the 9 periods EMA and 21 periods EMA downside. The fast moving average is already below the slow moving average which indicate an increase in the bears’ momentum. Should the bears break down $1,888 level, price may decrease to the support levels at $1,868 and $1,833. In case bulls push Gold to break up the resistance level at $1,915, then, $1,950 resistance level may be tested and there may be a price inclination to the resistance level of $1,975

XAUUSD Medium-term Trend: Bearish

Gold is bearish on the 4-hour chart. Gold price tested the resistance level at $1,996 on April 18 and pulled back as the level holds. The bullish momentum is opposed by the bears. The support level of $1,888 is tested before the closing of the market.

Gold is trading below the 9 periods EMA and 21 periods EMA with the former EMAs below the later as an indication of an increased bearish momentum. The Relative Strength Index period 14 is at 44 levels with the signal line pointing down to indicate sell signal.

Silver (XAGUSD) Price May Retest $22 Support Level

SILVER Weekly Price Analysis – May 01

Should the bulls opposed the bears at support level of $22, price may reverse and face the resistance levels of $23, $24 and $25. In case the bears push down the price to reach the support level of $23, the price may decrease to the support levels of $21 and $20.

XAGUSD Market

Key Levels:

Resistance levels: $23, $24, $25

Support levels: $22, $21, $20

XAGUSD Long-term trend: Bearish

XAGUSD is bearish on the long-term outlook. The bullish momentum pushed the price to penetrate the resistance level of $24 and 25. It increased to test the resistance level of $26. The metal reversed when it tested the resistance level of $26 on April 19. Before the end of last week market, the metal retested the support level of $23 and penetrates the level. The price is expose to $22 support level at the moment. Further price declination is possible.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears’ momentum is increasing in the Silver market. Should the bulls opposed the bears at support level of $22, price may reverse and face the resistance levels of $23, $24 and $25. In case the bears push down the price to reach the support level of $23, the price may decrease to the support levels of $21 and $20.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. After the bouncing off of the Silver from the resistance level of $26, the price pulled back and tested $24 level. The bears gained more pressure and push the price to penetrate the support level of $24 and $23. Before the end of last week, price decreases and penetrated $23 level downside facing $22 level before market closed.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 29 levels with the signal line displaying a bearish signal.

For more forex gold Indices analysis, Signals and Account management services text me on my telegram: Claramellor

#Singapore #Dubai #Brasil  #UAE #USA #Amsterdam #Brussels #Dublin #Lisbon #London #Paris #fx #fxinvestment #fxanalysis #fxtrader #scalping #xauusdgold #xauusdsignals #xauusdsignals #xauusdtrader #Singapore #Hongkong #Dubai #UK #Russia #Serbia #Germany #Kuwait #Malaysia