Weekly #Gold (#XAUUSD) & #Silver (#XAGUSD) Analysis (4-8 JULY 2022)
Gold (XAUUSD) Price Retests Previous Low at $1,786, Bullish Reversal Envisaged
Gold Weekly Price Analysis – July 02
The previous low at $1,786 has been retested, in case the support level of $1,811 is broken downside, then, support level of $1,786 and $1,761 will be tested. Should the $1,811 level holds, the resistance levels at $1,833, $1,852 and $1,888 may be the targets.
XAUUSD Market
Key levels:
Resistance levels: $1,833, $1,852, $1,888
Support levels: $1,811, $1,786, $1,761
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. The last week bearish movement was between $1,833 resistance level and $1,811 support level. The support level of $1,786 was tested by the bearish pressure on 16 May with a strong bearish candle. The force of the bears could not break down the just mentioned level due to opposition from the bulls. On July 01, the bulls reacted against the bearish pressure with the formation of hammer candle pattern on daily chart.
The price is trading below the 9-periods EMA and 21-periods EMA with the two EMAs descending towards the south and as a sign of bearish movement in the Gold market. The previous low at $1,786 has been retested, in case the support level of $1,811 is broken downside, then, support level of $1,786 and $1,761 will be tested. Should the $1,811 level holds, the resistance levels at $1,833, $1,852 and $1,888 may be the targets.
XAUUSD Medium-term Trend: Bullish
Gold is bullish in the 4-hour chart. The yellow metal was bearish last week and the support level of $1,786 was tested. It seems the bears’ pressure is exhausted at the mentioned support level. On July 01, bulls demonstrated an increase in momentum with the formation of strong bullish candles. The former resistance level of $1,811 was broken upside, the price is increasing towards $1,833.
The price is trading above the two EMAs which indicates that the bulls are trading at increased momentum. The Relative Strength Index period 14 is at 47 levels with the signal line pointing upside to indicate buy signal. The bulls may take over the market soon.
Silver (XAGUSD) Price: Will There Be a Bullish Reversal at $19.4 Level?
SILVER Weekly Price Analysis – July 03
In case the bears penetrate the support level of $19.4, the support level of $18.8 may be reached and there is possibility that $17.7 level may be tested. Should the bulls defend the support level of $18.41, price may reverse and face the resistance levels of $20.45, $21.25 and $21.75.
XAGUSD Market
Key Levels:
Resistance levels: $20.45, $21.25, $21.75
Support levels: $19.4, $18.8, $17.7
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. The momentum of the Sellers increased, in other words, there was more pressure on white metal and the double bottom chart pattern formed on the daily chart was disrupted. The sellers gained momentum and the price broke down the support level of $20.45 currently exposes to the support level of $19.4.
Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. In case the bears penetrate the support level of $19.4, the support level of $18.8 may be reached and there is possibility that $17.7 level may be tested. Should the bulls defend the support level of $18.41, price may reverse and face the resistance levels of $20.45, $21.25 and $21.75.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on 4-hour chart. The White metal penetrated the former support level of $20.45 downside last week when the sellers exerted more pressure. The double bottom chart patter that was in process of formation disrupted. The bulls’ pressure may increase and push the price towards the resistance level of $20.45. At the moment, buyers are opposing the sellers and the price may increase towards north side.
Silver price is trading 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.
0 comments:
Post a Comment