Weekly #Gold (#XAUUSD) & #Silver (#XAGUSD) Analysis (11-15 JULY 2022)
Gold (XAUUSD) Price Breaks Down Significant Level of $1,761
Gold (XAUUSD) Price Breaks Down Significant Level of $1,761
Gold Weekly Price Analysis – July 09
The previous low at $1,761 has been broken downside, in case the support level of $1,723 is penetrated downside, then, support level of $1,681 and $1,599 will be tested. Should the $1,723 level holds, the resistance levels at $1,761, $1,783 and $1,786 may be the targets.
XAUUSD Market
Key levels:
Resistance levels: $1,761, $1,783, $1,786
Support levels: $1,723, $1,681, $1,599
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. Gold price decreases as the sellers’ pressure increase. More daily bearish candles were produced. The price broke down a significant price level at $1,833. The last week bearish movement was between $1,833 resistance level and $1,805 support level. The support level of $1,786 was tested by the bearish pressure on 01 July 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 05, the bears reacted against the bulls’ pressure with the formation of strong bearish candle 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 $1,761 has been broken downside, in case the support level of $1,723 is penetrated downside, then, support level of $1,681 and $1,599 will be tested. Should the $1,723 level holds, the resistance levels at $1,761, $1,783 and $1,786 may be the targets.
XAUUSD Medium-term Trend: Bearish
Gold is bearish in the 4-hour chart. The yellow metal continues its bearish movement after a pullback. It seems the bears’ pressure is not yet exhausted at the mentioned support level. On July 05, bears demonstrated an increase in momentum with the formation of strong bearish candles. The former support level of $1,786 was broken downside, the price is decreasing towards $1,723.
The price is trading below the two EMAs which indicates that the bears are trading at increased momentum. The Relative Strength Index period 14 is at 34 levels with the signal line pointing upside to indicate buy signal
Silver (XAGUSD) Price: Will There Be a Further Reduction?
SILVER Weekly Price Analysis – July 10
In case the bulls defend the support level of $18.8, price may reverse and face the resistance levels of $19.4, $20.4 and $21.2. Should the bears push the price to break down the support level of $18.8, the support level of $17.7 may be reached and there is possibility that $16.5 level may be tested.
XAGUSD Market
Key Levels:
Resistance levels: $19.4, $20.4, $21.2
Support levels: $18.8, $17.7, $16.5
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. Last two weeks, the Silver market closed slightly below the support level of $20.4. The sellers’ momentum increased, in other words, there was more pressure on white metal and the double bottom chart pattern formed on the daily chart was disrupted. Bears gained momentum and the price broke down the support level of $19.4, it is currently facing the support level of $18.8.
White metal is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Silver market. In case the bulls defend the support level of $18.8, price may reverse and face the resistance levels of $19.4, $20.4 and $21.2. Should the bears push the price to break down the support level of $18.8, the support level of $17.7 may be reached and there is possibility that $16.5 level may be tested.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on 4-hour chart. The bears hold unto the White metal market. The former support level of $20.4 and $19.4 has turned to resistance level 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 $19.4. At the moment, Silver price is consolidating around $19.4 levels. 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 43 levels with the signal line displaying a bullish signal.
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