Market Overview
However the Gold Price Forecast For Next Week is likely to remain bearish on 1d time frame because the Gold Price Forecast For Next Week failed to sustain above 5602 on 1d time frame last week, as the Gold Price Forecast For Next Week is expected to trade below 5602.475 on 1d time frame. Meanwhile the h4 and h1 time frame continuing its bullish trend as the Gold Price Forecast For Next Week trades above the last support at 4554.888. On the other hand, the m15 following the h4 and h1 bullish trend, as the holds the last support at 4738.161 last week.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
5037.186 – 5045.267
H1 Resistance
4890.729 – 4898.728
M15 Resistance
4805.442 – 4807.312
Major Support
1D Support
4049.985 – 4000.001
H4 Support
4378.634 – 4352.849
H1 Support
4610.388 – 4600.981
M15 Support
4678.666 – 4673.847
Market Structure Outlook
Although the price is expected to remain under bearish trend on 1d time frame, until price respect the 1d resistance zone at 5602.475 on 1d time frame. However, a confirm close below 4100.722 on 1d time frame would support the bearish trend and may develop the fresh resistance at 4741.995 – 4858.161 on 1d. In addition, a sustain close above 4858.161 on h4 time frame, may strengthen the bullish structure and could signal the fresh support zone at 4707.144 – 4698.989 on h4 time frame. Moreover, if price finishes above 4801.452 on h1 time frame, the price may create the fresh support zone at 4741.207 – 4731.004 on h1 time frame
Weekly Trading Scenario
Although the price may trade in bearish structure on h1 time frame, as long as the price trades below the last resistance at 5602.475 on 1d time frame. Therefore, if price sustain above 5602.475 on 1d time frame. As a result price could signal the bearish shift and may develop the fresh support at 4642.837 – 4626.755 on 1d. Moreover, if price settle below 4554.888 on h4 would validate the bearish structure shift and may set up the fresh resistance at 4784.504 – 4801.452 on h4. In addition, if price a finishes below 4698.989 on h1, would support the bearish momentum and establish the fresh resistance at 4732.400 – 4736.443 on h1
Bullish Scenario
If price sustain above 5602.475 on 1d time frame
Bearish Scenario
A confirm close below 4100.722 on 1d time frame
Key Takeways
Higher timeframe bias: Bearish (1d) Bullish (h1,h4)
Major Resistance: – 5037.186 – 5045.267
Major support: 4049.985 – 4000.001
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.
In addition, check out my previous Gold (XAUUSD) Weekly Forecast
Moreover, for daily gold chart analysis check out my Gold Daily Analysis section.