Weekly #Gold (#XAUUSD) and #Silver (#XAGUSD) Price Analysis (16-20 MAY 2022)
Gold (XAUUSD) Price; Bulls May Take Over Soon
Gold Weekly Price Analysis – May 14
The previous low at $1,805 may be penetrated provided support level at $1,805 does not hold and the bearish momentum may be extended to $1,761 and $1,723. In case the support level of $1,805 holds the resistance levels at $1,833, $1,868 and $1,888 may be the targets.
XAUUSD Market
Key levels:
Resistance levels: $1,833, $1,868, $1,888
Support levels: $1,805, $1,761, $1,723
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. The sellers hold tight to the Gold market. The bearish pressure pushed the price to hit the support level at $1,868 on 02 May with a strong bearish candle. The force of the bulls prevented the breakdown of the just mentioned support level. On May 09, the price bounced and decreases towards the support level of $1,833. The price is gradually decreasing to break down the support level of $1,805.
As a sign of bearish movement in the Gold market, the two EMAs are descending towards the south and the price is trading below the 9-periods EMA and 21-periods EMA. The previous low at $1,805 may be penetrated provided support level at $1,805 does not hold and the bearish momentum may be extended to $1,761 and $1,723. In case the support level of $1,805 holds the resistance levels at $1,833, $1,868 and $1,888 may be the targets.
XAUUSD Medium-term Trend: Bearish
Gold is bearish in the 4-hour chart. Bulls were not able to push up price above $1,888 level before bears took over the market last two weeks. The bears are oppressing the bulls and this what makes the Gold price fall below the $1,833 price level. The bears are prevailing in the Gold market.
Bears are holding tight to the Gold market as the price is trading below the two EMAs. The Relative Strength Index period 14 is at 30 levels with the signal line pointing downside to indicate sell signal.
Silver (XAGUSD) Price Broke Down $21.4 Support Level and Tests $20.4
SILVER Weekly Price Analysis – May 15
Should the bears penetrate the support level of $20.4 the support level of $19.5 may be reached and there is possibility that $18.8 level may be tested. In case the bulls defend the support level of $20.4, price may reverse and face the resistance levels of $21.4, $22.1 and $23.4.
XAGUSD Market
Key Levels:
Resistance levels: $21.4, $22.1, $23.4
Support levels: $20.4, $19.5, $18.8
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. There was a bearish movement in the white metal market last week. The support level of $22.1 could not hold the price and the bears broke down the mentioned level. The price penetrated the support level of $21.4 and the support level of $20.4 was reached. On 13 May, bulls dominated market and the price pulled back. There is possibility that there may be a continuation of bearish movement.
Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. Should the bears penetrate the support level of $20.4 the support level of $19.5 may be reached and there is possibility that $18.8 level may be tested. In case the bulls defend the support level of $20.4, price may reverse and face the resistance levels of $21.4, $22.1 and $23.4.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on 4-hour chart. There was a bearish reversal at the resistance level of $26 on 18 April with the formation of bearish engulfing candle. The bears’ pressure increased and push the price to penetrate the support level of $22.1, $21.4 before the end of last week Price decreases and tested the support level of $20.4.
Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 43 levels with the signal line displaying a bullish signal.
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