Weekly #Gold (#XAUUSD) & #Silver (#XAGUSD) Analysis (25-29 JULY 2022)
Gold (XAUUSD) Price: Potential Bullish Reversal Level Is Tested at $1,681 Level
Gold Weekly Price Analysis – July 21
In case the price increase and close above the resistance level of $1,723 level, the resistance levels at $1,761, and $1,786 may be the targets. Should 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, $1,786
Support levels: $1,681, $1,599, $1,465
XAUUSD Long-term Trend: Bearish
On the long-term outlook Gold is bearish. More pressure from the sellers leads to further price declination of Gold. That is to say, 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 tested the support level $1,681 and bounced, pulling back before weekly market closed.
The price is trading between 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. In case the price increase and close above the resistance level of $1,723 level, the resistance levels at $1,761, and $1,786 may be the targets. Should 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: Bullish
Gold is bullish in the 4-hour chart. The price of Yellow metal has been reduced to the support level of $1,681 last week. Buyers interrupted the bearish movement with the formation of bullish engulfing candle. The price has commenced a bullish movement on the 4-hour chart. It seems the bears’ pressure is getting exhausted at the mentioned support level. Buyers are demonstrating an increase in momentum as the resistance level of $1,723 is broken upside.
The price is trading above the two EMAs which indicates that the buyers are trading at increased momentum. The Relative Strength Index period 14 is at 59 levels with the signal line pointing upside to indicate buy signal.
Silver (XAGUSD) Price Tests Potential Bullish Reversal Level
SILVER Weekly Price Analysis – July 24
In case the bears push down the price to break down the support level of $17, the price may decrease to the support levels of $16 and $15. Should the bulls defend the support level of $17, price may reverse and face the resistance levels of $18, $19 and $20.
XAGUSD Market
Key Levels:
Resistance levels: $18, $19, $20
Support levels: $17, $16, $15
XAGUSD Long-term trend: Bearish
XAGUSD is bearish on the long-term outlook. The white metal did not make a tangible change in the price it was two weeks ago. The support level of $18 holds and the bears could not break down the level. The bulls tried to push up the price on July 21 but the resistance level of $18 holds. Last week, the metal trade within the $18 and $16 price level. However, bearish pressure prevailed over the bullish but the support level of $18 is yet to be broken downside.
Silver is trading below the 9 periods EMA and 21 periods EMA which indicates that bears hold unto the Silver market. In case the bears push down the price to break down the support level of $17, the price may decrease to the support levels of $16 and $15. Should the bulls defend the support level of $17, price may reverse and face the resistance levels of $18, $19 and $20.
XAGUSD Medium-term Trend: Bearish
XAGUSD is on the bearish movement on 4-hour chart. When the metal bounced off of the resistance level of $26, the bears’ pressure increased and push the price to penetrate the support level of $19 and $18. Before the end of last week, price decreases and tested the support level of $17.
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 bearish signal.
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