Market Overview
Although the 1d time frame may carry on bearish structure, as the price trades below the 5602.475 on 1d. Meanwhile the 1d time frame hasn’t set up any fresh resistance on 1d time frame. On the other hand, h1 and m15 time frame follows the broader time frame bearish structure, as the price trades below the key supply zone at 4800.716 on m15 and h1 both the time frame. In addition, the h4 time frame, may continue its upside momentum, as long as the price trades above 4352.829 on h4.
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
Although the price hasn’t formed any fresh resistance on 1d time frame. Meanwhile awaiting for the fresh structure.
H4 Resistance
4849.492 – 4865.900
H1 Resistance
4858.616 – 4865.900
M15 Resistance
4788.558 – 4793.111
Major Support
1D Support
4049.985 – 4000.001
H4 Support
4378.364 – 4352.849
H1 Support
4546.989 – 4529.960
M15 Support
4541.287 – 4529.960
Market Structure Outlook
Although the price may carry on bearish structure on 1d time frame, as the price hold the key supply zone at 5602.475 on 1d. Therefore, a close below 4100.722 on 1d may indicate the carrying on downside momentum, while setting up the fresh resistance at 4759.738 – 4800.344 on 1d. In addition, a decisive close above 4800.344 on h4, would indicate the continuation of upside momentum , while forming the fresh demand at 4622.305 – 4554.101 on h4
Weekly Trading Scenario
Although the 1d time frame favors the sellers, as the price holds the supply zone at 5602.475 1d. Therefore, a decisive close below 4352.849 on h4 time frame, may validate the change of character towards the bearish side, while forming the fresh resistance at 4573.582- 4603.130. Meanwhile the h1 and m15 time frame remains bearish, as the price trades below the key resistance at 4800.344 . As a result, if price closes above 4800.344 on h1 and m15 time frame, the price could validate the character shift towards the bullish side, while establishing the fresh demand zone at 4723.959 – 4710.927 on h1 and 4793.111 – 4788.558 on m15 time frame
Bullish Scenario
A decisive close above 5602.475 on 1d time frame
Bearish Scenario
A break below 4100.722 on 1d time frame.
Key Takeways
Higher timeframe bias: Bearish
Major Resistance: 4849.492 – 4865.900
Major support: 4546.989 – 4529.960
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.