Weekly #Gold (#XAUUSD) and #Silver (#XAGUSD) Price Analysis (8 MAY 2022)

Posted by Clara Mellor on 09:36 with No comments

 

Gold (XAUUSD) Price; Bulls May Take Over Soon

Gold Weekly Price Analysis – May 07

The previous low at $1,805 may be retested provided support level at $1,868 does not hold and the bearish momentum may be extended to $1,833 and $1,805. In case the support level of $1,868 holds the resistance levels at $1,883, $1,888 and $1,950 may be the targets.

XAUUSD Market

Key levels:

Resistance levels: $1,883, $1,888, $1,950

Support levels: $1,868, $1,833, $1,805

XAUUSD Long-term Trend: Bearish

On the long-term outlook, Gold is bearish. The sellers hold tight to the Gold market. The bearish pressure pushed the price to hit the support level at $1,883 on 29 March with a strong bearish candle. The force of the bulls prevented the breakdown of the $1,883 support level. On March 30, the price bounced and increases towards the dynamic resistance level. The further price increase is prevented by the dynamic resistance level. The price gradually decreased to support level at $1,868 before the weekly market closed.

The two EMAs are descending towards the south and the price is trading below the 9-periods EMA and 21-periods EMA as a sign of bearish movement in the Gold market. The previous low at $1,805 may be retested provided support level at $1,868 does not hold and the bearish momentum may be extended to $1,833 and $1,805. In case the support level of $1,868 holds the resistance levels at $1,883, $1,888 and $1,950 may be the targets.

XAUUSD Medium-term Trend: Bearish

Gold is bearish in the 4-hour chart. Several attempts made by the bulls to break up at $1,888 were proof abortive. The bears are oppressing the bulls and this what makes the Gold price fluctuate below the $1,883 price level. The bears are prevailing in the Gold market.

The price is trading below the two EMAs which indicates that the bears are holding tight to the Gold market. The Relative Strength Index period 14 is at 51 levels with the signal line pointing upside to indicate buy signal. The bulls may take over the market soon.

Silver (XAGUSD) Price Is Targeting Previous Low at $21 Support Level

SILVER Weekly Price Analysis – May 08

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

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 white metal did not make a tangible change in the price it was two weeks ago. The support level of $22 holds and the bears could not break down the level. The bulls tried to push up the price on May 04 but the resistance level of $23 holds. Last week, the metal trade within the $23 and $22 price level. However, bearish pressure prevailed over the bullish but the support level of $22 is yet to be broken downside.

Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears holds unto the Silver market. In case the bears push down the price to break down the support level of $22, the price may decrease to the support levels of $21 and $20. Should the bulls defend the support level of $22, price may reverse and face the resistance levels of $23, $24 and $25.

XAGUSD Medium-term Trend: Bearish

XAGUSD is on the bearish movement on 4-hour chart. When the metal bounced off of the resistance level of $26, the price pulled back and tested $24 level. The bears’ pressure increased and push the price to penetrate the support level of $24 and $23. Before the end of last week, price decreases and tested the support level of $22.

Silver price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 28 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