Market Overview
Although the Gold Price Forecast For Next Week is likley to hold the bearish momentum on 1d, as the Gold Price Forecast For Next Week failed to close above the pervious support at 5602.475 during the last week. As a result Gold Price Forecast For Next Week remains bearish during the last week on 1d. Meanwhile h4 structure may remain under bearish pressure, as the price closes below the near by resistance at 4698.849 on h4. Therefore price introduced the fresh resistance at 4817.868 on h4. In addition, h1 time frame may remain under the broader time frame bearish pressure, until the Gold Price Forecast For Next Week remain under the near by resistance at 4772.578 on h1.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
4817.868 – 4857.349
H1 Resistance
4794.589 – 4797.986
M15 Resistance
4723.269 – 4726.172
Major Support
1D Support
4049.985 – 4000.001
H4 Support
4620.908 – 4554.888
H1 Support
4610.388 – 4600.981
M15 Support
4697.177 – 4689.881
Market Structure Outlook
However the price may remain aligned with the bearish structure on 1d time frame. Therefore the price trades below the last resistance at 5602.475 on 1d time frame. Meanwhile a break below 4102.099 on 1d time frame. As a result price could remain under the bearish bias and establish the fresh resistanec at 4831.977 – 4772.578 on 1d time frame. Moreover, finish below 4658.731 on h4 time frame, may continue the bearish bias and form the fresh resistance at 4726.895 – 4740.856 on h4 time frame. On the other hand, a close below 4669.273 on h1 time frame, may indicate the continuation of bearish bias and set up the fresh resistance at 4768.026 – 4772.578 on h1 time frame.
Weekly Trading Scenario
Although the price could stay with in the bearish structure on 1d time frame. As the price repects the last resistance at 5602.475 on 1d time frame. Meanwhile, a define close above 5602.475 on 1d time frame. As a result price would validate the bullish structrue shift and establish the fresh support at 4642.837 – 4626.755 on 1d time frame. In addition, accpetance above 4891.390 on h4 time frame, the price may secure the bullish momentum and set up the fresh support at 4857.349 – 4817.868 on h4 time frame. Moreover, a decisive close above 4740.638 on h1 time frame, could shift the momentum to the bullihs side and may generate the fresh support on h1 time frame.
Bullish Scenario
A define close above 5602.475 on 1d time frame
Bearish Scenario
A break below 4102.099 on 1d time frame
Key Takeways
Higher timeframe bias: Bearish
Major Resistance: – 4817.868 – 4857.349
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.