Weekly #Gold (#XAUUSD) & #Silver (#XAGUSD) Analysis (18-22 JULY 2022)
Gold (XAUUSD) Price Is Heading Towards $1,681 Support Level
Gold Weekly Price Analysis – July 16
Should the $1,681 level holds, the resistance levels at $1,761, $1,783 and $1,786 may be the targets. In case the support level of $1,681 is penetrated downside, then, support level of $1,599 and $1,465 may be tested.
XAUUSD Market
Key levels:
Resistance levels: $1,723, $1,761, $1,783
Support levels: $1,681, $1,599, $1,465
XAUUSD Long-term Trend: Bearish
On the long-term outlook Gold is bearish. Sellers are yet to be tired. Gold price decreases as the sellers’ pressure increase. The support level of $1,761 and $1,723 could not holds. More daily bearish candles were produced. The price broke down a significant price level at $1,723. The price played around the support level of $1,723 last week. Towards the end of the week, sellers exerted more pressure and broke down the just mentioned level and targeting $1,681.
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. Should the $1,681 level holds, the resistance levels at $1,761, $1,783 and $1,786 may be the targets. In case the support level of $1,681 is penetrated downside, then, support level of $1,599 and $1,465 may be tested
XAUUSD Medium-term Trend: Bearish
Gold is bearish in the 4-hour chart. Buyers’ interruption could not make the price to experience bullish reversal. It seems the bears’ pressure is not yet exhausted at the mentioned support level. Sellers demonstrated an increase in momentum with the formation of strong bearish candles on July 05. The former support level of $1,719 was broken downside, the price is decreasing towards $1,681.
The price is trading below the two EMAs which indicates that the sellers are trading at increased momentum. The Relative Strength Index period 14 is at 38 levels with the signal line pointing upside to indicate buy signal.
Silver (XAGUSD) Price May Change Direction at $17.7 Support Level
SILVER Weekly Price Analysis – July 17
Should the bears push the price to break down the support level of $17.7, the support level of $16.5 may be reached and there is possibility that $15.8 level may be tested. In case the bulls oppose the bears at the support level of $17.7, price may reverse and face the resistance levels of $18.8, $19.4 and $20.4.
XAGUSD Market
Key Levels:
Resistance levels: $18.8, $19.4, $20.4
Support levels: $17.7, $16.5, $15.8
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. Silver price was consolidating within the resistance level of $19.4 and support level of $18 .8 last two weeks. The bears’ pressure increased, in other words, there was more sellers’ pressure on white metal. The former support level of $18.8 was penetrated and the support level of $17.7 was tested before Silver market closed last week. There is tendency that bears will dominate market next week.
Bears are dominating the Silver market as white metal is trading below the 9 periods EMA and 21 periods EMA which indicates that price may fall further. Should the bears push the price to break down the support level of $17.7, the support level of $16.5 may be reached and there is possibility that $15.8 level may be tested. In case the bulls oppose the bears at the support level of $17.7, price may reverse and face the resistance levels of $18.8, $19.4 and $20.4.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on 4-hour chart. The price continues to decrease as the pressure of the bears increased. The former support level of $19.4 and $18.8 were penetrated downside to reach low of $17.7. Before last week market closed, the price was pulling back to retest the broken level.
Silver price is trading between the 9 periods EMA and 21 periods EMA as a sign of retracement. The Relative Strength Index period 14 is at 45 levels with the signal line displaying a bullish signal.
0 comments:
Post a Comment