Weekly #Gold (#XAUUSD) & #Silver (#XAGUSD) Analysis (13 -17 JUNE 2022)
Gold (XAUUSD) Price Is Struggling to Penetrate $1,868 Level
Gold Weekly Price Analysis – June 11
Gold price may continue an uptrend movement provided the resistance level of $1,868 is broken upside, possibly, $1,888 and $1,915 levels may be tested. In case the bears defend the resistance level of $1,868, the price may decrease towards $1,833, $1,805 and $1,786 levels.
XAUUSD Market
Key levels:
Resistance levels: $1,868, $1,888, $1,915
Support levels: $1,833, $1,805, $1,786
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. Two weeks ago, the Gold price closed below the resistance level of $1,868. The buyers increase their momentum in the Gold market on the daily chart. The price turned the former resistance level of $1,833 to support level on May 19. The price is increasing towards the resistance level of $1,868 before weekly market closed.
Gold is trading above the two EMAs which indicate that the bulls’ momentum is increasing before the closing of Gold weekly market. The 9 periods EMA remains above the 21 periods EMA. Gold price may continue an uptrend movement provided the resistance level of $1,868 is broken upside, possibly, $1,888 and $1,915 levels may be tested. In case the bears defend the resistance level of $1,868, the price may decrease towards $1,833, $1,805 and $1,786 levels.
XAUUSD Medium-term Trend: Bullish
Gold is on the bullish movement on the 4-hour chart. The white metal tested the support level of $1,786 on May 16. The bulls rejected further price decrease and the Bullish movement commenced and the resistance level of $1,833 is broken upside. The price is pushed up to test the resistance level of $1,868. The bulls’ pressure has pushed up the price to break up the just mentioned level.
The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish market. The Relative Strength Index period 14 is at 66 levels with the signal line pointing up to indicate buy signal.
Silver (XAGUSD) Price Experiences a Low Bullish and Bearish Momentum
SILVER Weekly Price Analysis – June 12
Further increase in the bulls’ momentum may leads to the breaking up of $21 resistance level which may increase the price to $22 and $23 resistance levels. The penetration of $19 support level downside may decline the price to $17 and $16 levels.
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. After the white metal tested the support level of $20 on May 12. The bearish pressure could not break down that support level as the bulls defend the mentioned level. An inside bar candle pattern formed and this triggered bullish movement towards the resistance level of $22. The bulls’ momentum is not enough to place the price at that level and this led to ranging movement in the daily chart within $19 and $21 levels.
Bulls are preparing to dominate the Silver market as Silver is trading above the 9 periods EMA and 21 periods EMA at close contact. The fast moving Average (9 periods EMA) remain above the slow moving Average (21 periods EMA). Further increase in the bulls’ momentum may leads to the breaking up of $21 resistance level which may increase the price to $22 and $23 resistance levels. The penetration of $19 support level downside may decline the price to $17 and $16 levels.
XAGUSD Medium-term Trend: Ranging
XAGUSD is on the ranging movement on 4-hour chart. The white metal found support at $20 level and it bounced up from there on May 13 with the formation of bullish engulfing candle. Price increases to $21 resistance level. The level holds and the bearish momentum is equally low. The price commences a consolidation in the Silver market.
Silver price is trading between the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 49 levels with the signal line displaying bullish signal.
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