Market Overview
The price is bearish on higher time frame but last week’s weaker non farming payroll data for US can change the market sentiment’s and make the structure shift towards bullish side on higher time frame. While the price established h4 resistance at 5224 and h1 at 5367, the shorter time frame m15 is bullish while establishing the support at 5073.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
5224.920 – 5250.005
Pending Resistance zone
Higher Time Frame Resistance Zone
H1 Resistance
5367.309 – 5375.884
Pending Resistance zone
Higher Time Frame Resistance Zone
M15 Resistance
5189.971 – 5191.051
Pending Resistance zone
Intraday Short Term Resistance Area
Major Support
The price is bearish and hasn’t formed or established any near by support on major timeframe, on the other hand short term intraday valid support will remain at 5073.083 on m15
These levels may act as decision zones during the week
Market Structure Outlook
The price is bearish but due to weaker nfp economic release last week can shift the structure towards bullish side on higher timeframe. If Price give decisive close above 5206 then the price would establish a character shift towards bullish on higher timeframe, if the price trades below 5206 then downside momentum will remain intact
Weekly Trading Scenario
The sellers are controlling higher time frame bias, until the price holds 5206 the sellers will remain intact but due to the favorable data for gold XAUUSD of US non farming payroll can change market structure shift, if price closes above 5206 then the price would in bullish while forming the support at 5062 on higher timeframe. the shorter time frame m15 is bullish while establishing the support at 5073. If price closes below 5065 then the price would establish change of character in shorter time frame m15 and 5143 could act as the next resistance area on shorter time frame on m15.
Bullish Scenario
If price closes above 5206 on h1, while forming the support at 5062 can change bearish into bullish momentum
Bearish Scenario
On the other hand, if price holds the 5206 and didn’t close above, the downside will remains intact
Key Takeways
Higher timeframe bias: Bearish
Major resistance: 5244.920
Major support: There is no major support formed by the price on higher timeframe as the shorter timeframe support will remain at 5073
This XAUUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. 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.