Market Overview
Gold Price Forecast For Next Week may remain under the bearish pressure on 1d time frame, as the Gold Price Forecast For Next Week trades below the earlier resistance at 5602.475 on 1d. Meanwhile the Gold Price Forecast For Next Week hasn’t formed any fresh or pending resistance on 1d. Therefore no confirmed resistance on 1d. However the h4 structure favoring the buyers, while trading above the recent support zone at 4660.891 on h4. As a result Gold Price Forecast For Next Week confirmed the fresh support at 4683.160 on h4. In addition, the h1 remains under the bullish momentum, as the Gold Price Forecast For Next Week operates above the nearby support at 4660.891 on h1 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
4817.868 – 4857.349
H1 Resistance
4794.589 – 4797.986
M15 Resistance
4823.391 – 4827.543
Major Support
1D Support
4049.985 – 4000.001
H4 Support
4683.160 – 4660.891
H1 Support
4552.179 – 4546.656
M15 Support
4672.910 – 4660.891
Market Structure Outlook
However the price may remain tilted to the bearish side on the 1d time frame. Therefore the price remains capped below the resistance at 5602.475 on 1d time frame. Meanwhile, a confirmed break below 4102 on 1d time frame. As a result price could indicate the downside momentum continuation and establish the fresh resistance at 4831.033 – 4891.390 on 1d time frame. Moreover, a break below 4682 on h4 time frame, as the downside structure remain intact and form the fresh resistance at 4747.767 – 4749.538 on h4. Moreover, acceptance above 4764 on h1 time frame. Therefore the price may keep the bullish bias intact and generate the fresh support at 4686.245 – 4682.463 on h1 time frame.
Weekly Trading Scenario
Although the price may continue to reflect the buyers strength on 1d time frame. As a result price holds the prior resistance at 5602.475 on 1d. Therefore a breakout above 5602.475 on 1d, as the price could establish the bullish bias and identify the fresh support at 4642.837 – 4626.755 on 1d. Meanwhile if price registered a close below 4660.891 on h4, However the price could support downside extension and shape the fresh resistance at 4700.530 – 4723.019 on h4. Moreover, if price ended above 4764.874 on h1. Meanwhile the price may shift the structure to the bullish side and introduce the fresh support at 4753.349 – 4743.286 on h1 time frame
Bullish Scenario
A breakout above 5602.475 on 1d time frame
Bearish Scenario
A confirmed break below 4102 on 1d time frame
Key Takeways
Higher time frame 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.