M15 & H1 Intraday Key Levels| Bearish Bias
Market Structure: Bearish
Intraday Sentiment: Sell On Rise
Session Focus: London| Nyc
London Market Overview
Although the Gold Price Forecast could stay in the bearish structure on h1, as the Gold Price Forecast failed to close above resistance at 4740.495 on h1. Meanwhile the Gold Price Forecast hasn’t shaped any fresh resistance on h1. Therefore the price remains aligned with the same resistance on h1. On the other hand, m15 secured the bullish bias, as Gold Price Forecast closes above the resistance at 4726.011 on m15. Meanwhile the price hasn’t developed any fresh support on m15, as the previous fresh support already tapped by the price at 4717.199 on m15. In addition, a close above 4729.952 on m15. As a result price may create the fresh support at 4710.887 – 4709.535 on m15.
Resistance Zones
M15 Resistance Zone
4755.219 – 4760.842
Pending Supply Zone
Short Term Key Resistance Zone
H1 Resistance Zone
4794.589 – 4797.986
Pending Supply Zone
Higher Time Frame Resistance Region
Support Zones
M15 Support Zone
4677.694 – 4664.540
Pending Demand Zone
Short Term Support Base
H1 Support Zone
4160.388 – 4600.981
Pending Demand Zone
Higher Time Frame Support Region
Session Strategy
However the price is expected to remain under the bearish momentum, as the price respects the nearby resistance at 4740.495 on h1 time frame. Meanwhile a decisive close above 4740.495 on h1 time frame. As a result price could support bullish bias and may develop the fresh support at 4680.290 – 4672.649 on h1 time frame. Moreover, a sustained close below 4672.649 on m15 time frame, price would confirm the initiation downside momentum and may create the fresh resistance at 4716.941 – 4717.199 on m15 time frame.
Nyc Session Outlook
Although the h1 structure would keep favoring the sellers on h1 time frame. Therefore the price operates below the previous resistance at 4740.495 on h1 time frame. Meanwhile the price continues to respect the previous active support zone on h1 time frame. In addition, the m15 time frame may remains under bullish structure, until the price trades above 4699.835 on m15 time frame. Meanwhile the price hasn’t confirmed any fresh, nearby or pending support zone on m15 time frame.
Key Resistance & Support Zones
Resistance Zones
M15 Resistance Zone
4755.219 – 4760.842
Pending Supply Zone
Short Term Key Resistance Zone
H1 Resistance Zone
4794.589 – 4797.986
Pending Supply Zone
Higher Time Frame Resistance Region
Support Zones
M15 Support Zone
4677.694 – 4664.540
Pending Demand Zone
Short Term Support Base
H1 Support Zone
4160.388 – 4600.981
Pending Demand Zone
Higher Time Frame Support Region
Session Strategy
However the price may continue to respect the bearish momentum, as the price hovers below the nearby resistance at 4740.495 on h1 time frame. Therefore a define close above 4740.495 on h1 time frame. As a result price may shift the momentum to the bullish side and could develop the fresh support at 4680.290 – 4672.649 on h1 time frame. On the other hand, if price records a close below 4699.798 on m15 time frame, price may initiation the bearish momentum and could create the fresh resistance at 4709.262 – 4711.071 on m15 time frame.
Key Takeways
Trend: Bearish
Bias: Sell On Rise
Follow H1 Structure
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 Price Forecast
Moreover, for daily gold chart analysis, refer my Gold XAUUSD Analysis section