Weekly #Gold (#XAUUSD) & #Silver (#XAGUSD) Analysis (6 -10 JUNE 2022)
Gold (XAUUSD) Price May Break Up $1,868 Resistance Level Provided Buyers’ Pressure Increases
Gold Weekly Price Analysis – June 04
The resistance level of $1,868 may be broken upside provided, buyers increase their pressure and Gold price will be exposed to $1,888 and $1,915 resistance levels. In case the bears increase their pressure, the support level of $1,844 may be penetrated, the price will decrease towards $1,805, and $1,761 levels.
XAUUSD Market
Key levels:
Resistance levels: $1,868, $1,888, $1,915
Support levels: $1,844, $1,805, $1,761
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. When Gold reached the low of $1,761 two weeks ago, the white metal could not decrease further due to low bearish momentum. It bounced up to test the resistance level of $1,868. The just mentioned level holds and the price retested the support level of $1,844. Since then, price has been playing within $1,868 and $1,844 levels.
There is an indication that the bulls’ momentum is increasing as it is trading above the two EMAs before the closing of Gold weekly market. The 9 periods EMA is trying to cross above the 21 periods EMA. The resistance level of $1,868 may be broken upside provided, buyers increase their pressure and Gold price will be exposed to $1,888 and $1,915 resistance levels. In case the bears increase their pressure, the support level of $1,844 may be penetrated, the price will decrease towards $1,805, and $1,761 levels.
XAUUSD Medium-term Trend: Ranging
Gold is on the ranging movement on the 4-hour chart. After the white metal tested the support level of $1,844 on May 16. The bulls opposed further price decrease and the Bullish movement commenced at the same level. The price was pushed up to break up the resistance level of $1,844. Following the scenario is the ranging movement of Gold price within $1,868 and $1,844 levels.
The price is trading within the 9 periods EMA and 21 periods EMA as an indication of ranging market. The Relative Strength Index period 14 is at 46 levels with the signal line pointing down to indicate sell signal.
Silver (XAGUSD) Price May Continue Bullish Movement After a Pullback
SILVER Weekly Price Analysis – June 05
An increase in the bulls’ momentum may leads to the breaking up of $21 resistance level which may increase to $22 and $23 resistance levels. The breakdown of $19 support level may reduce the price to $17 and $16.
XAGUSD Market
Key Levels:
Resistance levels: $21, $22, $23
Support levels: $19, $17, $16
XAGUSD Long-term trend: Bullish
XAGUSD is bullish on the long-term outlook. The support level of $20 was tested by the white metal on May 12. The bearish momentum failed as the Silver price action formed a candle pattern called an inside bar on the daily chart. The price increases and the broken up $21 level aiming at $22 price level. Before weekly market closed, Silver pulled back after the release of Non-Farm pay roll news which made dollar gained strength.
Bulls are getting ready to dominate the Silver’s market as Silver is trading above the 9 periods EMA and 21 periods EMA at close contact. The fast moving Average (9 periods EMA) is about to cross over the slow moving Average (21 periods EMA) upside. An increase in the bulls’ momentum may leads to the breaking up of $21 resistance level which may increase to $22 and $23 resistance levels. The breakdown of $19 support level may reduce the price to $17 and $16.
XAGUSD Medium-term Trend: Bullish
XAGUSD is on the bullish movement on 4-hour chart. When the metal bounced up from the support level of $20 on May 13, price increases towards $22 price level but bulls interrupted the price increase with the formation of doji candle. The price pulled back towards the support level of $21.
Silver price is trading between the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 46 levels with the signal line displaying bearish signal which may be a pullback.
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