Market Overview
Although the Gold price forecast for next week may carry on the last week’s downside momentum, as the Gold price forecast for next week continuing below the previous resistance zone at 5602.475 on 1d time frame. Meanwhile h4 and time frame keeping the bulls intact, until the Gold price forecast for next week holding above the recent support zone at 4698 on h4 and 4788 on h1 time frame. In addition, m15 time frame following the broader time frame bullish structure, while operating above the last defended support at 4767 area on m15 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
5244.920 – 5250.005
H1 Resistance
5038.174 – 5044.439
M15 Resistance
4993.178 – 4995.793
Major Support
1D Support
4049.985 – 4000.001
H4 Support
4698.849 – 4707.172
H1 Support
4788.749 – 4772.774
M15 Support
4787.560 – 4722.774
Market Structure Outlook
However the Gold price forecast for next week may keep the sellers intact on 1d. As a result Gold price forecast for next week hovering above the supply zone at 5602.475 on 1d. Meanwhile close below 4100 on 1d. As a result Gold price forecast for next week may continue the downside bias and establish fresh supply zone at 4848.718 – 4871.839 on 1d. In addition, a close above 4871 on h1, price could continue the bullish bias and signal the fresh support at 4792.122 – 4772.774 on h4. Moreover a move above 4890 on h1, price may follow upside bias and shape fresh support zone on h1. Meanwhile no probable support zone established by the price on h4 and h1 .
Weekly Trading Scenario
Although the could carry the further downside trend on 1d, until the price operates below 5602.475 on 1d time frame. Therefore, if price holds above 5602.475 on 1d. As a result price may signal the downside trend shift and could establish the fresh support at 4642.837 – 4626.755 on 1d. In addition, a decisive close below 4698.849 on h4, may introduce the bearish character shift and could generate fresh resistance at 4817.412 – 4858.202 on h4. Moreover, acceptance below 4772.774 on h1 time frame. As a result price may tilt the bias to the sellers side and could set up the fresh resistance at 4847.596 – 4871.254 on h1 time frame
Bullish Scenario
If price close above 5602.475 on 1d time frame
Bearish Scenario
Close below 4100 on 1d time frame
Key Takeways
Higher timeframe bias: 1D-Bearish, Bullish-H4, H1
Major Resistance: – 5244.920 – 5250.005
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.