Weekly #Gold (#XAUUSD) & #Silver (#XAGUSD) Analysis (27 JUNE-1 JULY 2022)
Gold (XAUUSD) Price: Would There Be Further Price Declination?
Gold Weekly Price Analysis – June 25
The previous low at $1,786 may be retested provided support level at $1,805 does not hold and the bearish momentum may be extended to $1,761. In case the support level of $1,805 holds the resistance levels at $1,883, $1,852 and $1,888 may be the targets.
XAUUSD Market
Key levels:
Resistance levels: $1,883, $1,852, $1,888
Support levels: $1,805, $1,786, $1,761
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. The bearish pressure pushed the price to hit the support level at $1,786 on 16 May with a strong bearish candle. The force of the bulls prevented the breakdown of the $1,786 support level. On May 19, the price bounced and increases towards the $1,852 resistance level. The further price increase is prevented by the dynamic resistance level. The price gradually decreased to support level at $1,805 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 $1,786 may be retested provided support level at $1,805 does not hold and the bearish momentum may be extended to $1,761. In case the support level of $1,805 holds the resistance levels at $1,883, $1,852 and $1,888 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 $1,883 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 around the two EMAs which indicates that the bears and bulls are trading at low momentum. The Relative Strength Index period 14 is at 46 levels with the signal line pointing upside to indicate buy signal. The bulls may take over the market soon.
Silver (XAGUSD) Price: Previous Low at $20.45 May Be Tested Before Bullish Movement Commence
SILVER Weekly Price Analysis – June 26
Should the bulls defend the support level of $20.45, price may reverse and face the resistance levels of $21.25, $21.75 and $22.16. In case the bears penetrate the support level of $20.45 the support level of $19.8 may be reached and there is possibility that $18.5 level may be tested.
XAGUSD Market
Key Levels:
Resistance levels: $21.25, $21.75, $22.16
Support levels: $20.45, $19.8, $18.5
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. The Sellers exert more pressure on white metal and the price action formed a double bottom chart pattern on the daily chart. The sellers gained momentum and the price started bearish movement last two weeks. The sellers’ momentum increases in the Silver market and the price reached the previous support level of $20.45.
Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. Should the bulls defend the support level of $20.45, price may reverse and face the resistance levels of $21.25, $21.75 and $22.16. In case the bears penetrate the support level of $20.45 the support level of $19.8 may be reached and there is possibility that $18.5 level may be tested.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on 4-hour chart. White metal was trying to experience a bullish reversal at the support level of $20.4 with the formation of double bottom chart pattern. The bulls’ pressure may increase and push the price towards the resistance level of $21.25. At the moment, buyers are opposing the sellers and the price may increase towards north side.
Silver price is trading slightly below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 44 levels with the signal line displaying a bullish signal.
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