Market Overview
The price trades in bullish structure on 1D time frame on. Meanwhile h4, h1 and m15 time frame trades in the favors of the sellers. Meanwhile the h1 structure remains bearish. As long as the price holds the 4736.179 on h1 time frame. On the other hand the h4 structure remains bearish until the price holds 4736.179. In addition the m15 time frame remains in the favors of the sellers, as the price holds the last resistance at 4614.417.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
4722.054 – 4736.179
Pending Supply Zone
Higher Time frame Resistance Zone
H1 Resistance
4725.169 – 4736.179
Pending Supply Zone
Higher Time frame Resistance Zone
M15 Resistance
4588.043 – 4614.417
Pending Supply Zone
Short Term Intraday Resistance Area
Major Support
4323.144 – 4311.159
H4 Pending Support
4325.354 – 4302.546
H1 Pending Support
Market Structure Outlook
The price favors the buyers on the 1d time frame. Until 4275.737 remains intact on daily time frame. A break above 4275.737 on daily time frame, could confirm the character shift towards the bearish side, while establishing the fresh resistance at 4532.965.
Weekly Trading Scenario
Although the buyers are dominating the price on 1d time frame, as the price holds the support at 4275.737 1d. On the other hand, a decisive close above 4736.179 on h4 time frame, may confirm the change of character, while forming the fresh support at 4575.541. Meanwhile the h1 time frame remains bearish, as the price holds 4736.179 . As the result, if price closes above 4736.179 on h1 time frame, the price could confirm the character shift, while establishing the fresh support at 4575.137. On m15 time frame, a break above 4614.417 , could establish the change of character, while establishing the fresh support at 4553.697
Bullish Scenario
As long as the price trades above 4275.737 on daily time frame.
Bearish Scenario
If price closes above 4275.737 on daily time frame.
Key Takeways
Higher timeframe bias:
1D: Bullish
H4 & H1: Bearish
Major resistance:
4722.054 – 4736.179
Major support:
4322.501 – 4275.737
Although this XAUUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Therefore always wait for the confirmation’s before entering the trade and manage the risk properly.
Disclaimer
Although this analysis is for educational and informational purposes only. Therefore it does not constitute financial advice. However always manage your risk and trade responsibly.