Weekly #Gold (#XAUUSD)and #Silver (#XAGUSD) Price Analysis (23-27 MAY 2022)
Gold (XAUUSD) Price: Bullish trend May Commence Next Week
Gold Weekly Price Analysis – May 21
Price may reverse at the previous low of $1,805 provided it holds and the bullish momentum may commence which may target $1,833, $1,868 and $1,888 resistance levels. In case the support level of $1,805 does not hold the support levels at $1,761, and $1,723 may be tested.
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 previous low 0f $1,805 was tested last week after sellers increased their pressure. The bearish pressure pushed the price to break down the support level at $1,868 and $1,833 levels. The force of the bears increased and the price experienced a fake breakout on May 16. It seems the bulls is defending the support level of $1,805 and the bulls’ pressure is increasing gradually.
Gold has penetrated the 9 periods EMA while the 21 periods EMA is above the price which indicate that bulls are preparing to dominate the market. The two EMAs are descending towards the south and the price is trading between the two EMAs. Price may reverse at the previous low of $1,805 provided it holds and the bullish momentum may commence which may target $1,833, $1,868 and $1,888 resistance levels. In case the support level of $1,805 does not hold the support levels at $1,761, and $1,723 may be tested.
XAUUSD Medium-term Trend: Bullish
Gold is bullish in the 4-hour chart. Bears were not able to push down price below $1,805 level before bulls took over the market last week. The bulls defends the just mentioned level and this what makes the Gold price increasing towards the $1,868 price level. The bullish trend is commencing in the Gold market.
Gold is trading above the two EMAs. The 9 periods EMA has crossed the 21 periods EMA upside. The Relative Strength Index period 14 is at 60 levels with the signal line pointing upside to indicate buy signal.
Silver (XAGUSD) Price: Will There Be a Retest at $21 Before Reversal?
SILVER Weekly Price Analysis – May 22
Further increase in the Silver price is highly envisaged. As long as the Bulls momentum breaks up the 21 periods EMA, the price may find its resistance at $24 price level when it break $22 and $23 levels.
XAGUSD Market
Key Levels:
Resistance levels: $22, $23, $24
Support levels: $21, $20, $19
XAGUSD Long-term trend: Bearish
On the long-term outlook, XAGUSD (Silver) is bearish. The Bulls were unable to push the Silver price above the $26 resistance level. Initially, the Bulls were in control of the Silver market but found it difficult to penetrate the barrier at the just mentioned level. The Bears took over the Silver market and the price pulled back towards the south, bears increase their pressure and the price reduces to $22 price level. Further pressure from the sellers reduce the Silver price below $22, tested $20 level.
The Silver price retains its trading below the 21 periods EMA but above the 9 periods EMA; which implies weak bearish momentum. The relative strength index period 14 is at 39 levels with the signal lines pointing upside to connote buy signaling. Further increase in the Silver price is highly envisaged. As long as the Bulls momentum breaks up the 21 periods EMA, the price may find its resistance at $24 price level when it break $22 and $23 levels.
XAGUSD Medium-term Trend: Bearish
XAGUSD is bearish on the daily chart. The Silver price has been under bearish pressure for more than two weeks on the 4-hour chart with the candles pushing down the price towards $21 level. On May 13, the Silver price had a pullback with the formation of a strong bullish candle and the price is increasing towards the $22 price level.
The Silver price is slightly above the 9 periods EMA and 21 periods EMA.. The relative strength index period 14 is above 53 levels with the signal lines pointing up to indicate buy signal. In case the Bears gain more pressure the price may return to the previous low of $21 level.
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