Market Overview
The price trades in bullish structure on 1D time frame, as the price trades above the key support zone at 4726 on 1d. Meanwhile h4 trades in the favors of the sellers, while the price trades below the key resistance zone at 4736.179 on h4. In addition, the h1 and m15 structure remains bullish ,as the price closes above the 4479 on h1 and m15 both.
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
As the price trades in bullish structure on 1d time frame. Meanwhile the price hasn’t established any fresh or pending resistance zone. Therefore awaiting for the new structure
H4 Resistance
4721.470 – 4736.179
H1 Resistance
4725.666 – 4736.179
M15 Resistance
4671.116 – 4677.093
Major Support
1D Support
4049.985 – 4000.001
H4 Support
4040.323 – 4044.204
H1 Support
4428.151 – 4412.721
M15 Support
4422.365 – 4414.264
Market Structure Outlook
Although the price is likely to continue the bullish structure on higher time frame 1d, as the price trades above key support zone at 4725 on 1d. In addition, if price closes below 4725 on 1d time frame, then the price may indicate higher time frame character shift towards the bearish side while establishing the fresh resistance at 4533.009 – 4550.146. Moreover a close below at 4100 on h4 may indicate the continuation of bearish price structure while forming the fresh resistance at 4572.864 – 4603.028 on h4
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 – 4722.250. Meanwhile the h1 time frame remains bullish, as the price trades above the key support zone at 4405 . As the result, if price closes above 4405 on h1 and m15 time frame, the price could confirm the character shift towards the bearish side, while establishing the fresh resistance at 4454.312 – 4475.506 on h1 and 4465.532 – 4475.506 on m15 time frame
Bullish Scenario
As long as the price holds the support at 4275.737 1d
Bearish Scenario
If price closes below 4725 on 1d time frame, then the price may indicate higher time frame character shift towards the bearish side while establishing the fresh resistance at 4533.009 – 4550.146.
Key Takeways
Higher timeframe bias: Bullish
Major resistance:
4721.470 – 4736.179
Major support:
4428.151 – 4412.721
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.