Market Overview
Gold Price Forecast For Next Week may continues with bearish momentum on 1d time frame, as the Gold Price Forecast For Next Week hovers below the prior high at 5602.475 on 1d. However the Gold Price Forecast For Next Week hasn’t secured any fresh or pending supply zone on 1d. In addition, the h4 structure confirms the bearish continuation last week, as the structure accepts a closes below 4660.891 on h4 and secured the fresh supply at 4700.569 on h4. On the other hand, sellers control the h1’s bias, while trading below the recent high at 4773.536 on h1. As a result price produce the fresh resistance at 4682.173 on h1 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
4700.569 – 4723.019
H1 Resistance
4682.173 – 4686.123
M15 Resistance
4586.109 – 4588.826
Major Support
1D Support
4049.985 – 4000.001
H4 Support
4378.634 – 4352.849
H1 Support
4431.137 – 4417.953
Market Structure Outlook
However the price could remain supportive for the sellers on 1d time frame, as the price operates below the prior high at 5602.475 on 1d time frame. Meanwhile, a decisive close below 4102 on 1d time frame, as the price could continue the bearish structure and confirms the fresh resistance at 4831.033 – 4891.390 on 1d time frame. However, a move below 4512.061 on h1 time frame. As a result price indicates the sellers favorable and form the fresh resistance at 4559.454 – 4564.615 on h1 time frame.
Weekly Trading Scenario
Although the Gold Price Forecast For Next Week could remain the buyers supportive on 1d time frame. However the structure defends the prior high at 5602.475 on 1d. Therefore a close above 5602.475 on 1d. Meanwhile the sellers may take the control and form the fresh support at 4642.837 – 4626.755 on 1d. On the other hand, a finish above 4764.874 on h4, as the buyers may gain the momentum and could secure the fresh support at 4723.019 – 4700.569 on h4. Moreover, if price ended a session above at 4773.536 on h1. Meanwhile the structure could form the bullish bias and develop the fresh support at 4652.607 – 4648.384 on h1 time frame.
Bullish Scenario
Therefore a close above 5602.475 on 1d time frame
Bearish Scenario
Meanwhile, a decisive close below 4102 on 1d time frame
Key Takeways
Higher time frame bias: Bearish
Major Resistance: 4700.569 – 4723.019
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.