Market Overview
However the Gold Price Forecast For Next Week is likely to remain under the bearish pressure on 1d time frame. Therefore the Gold Price Forecast For Next Week operates below the prior resistance zone at 5602.475 on 1d time frame. Meanwhile the Gold Price Forecast For Next Week hasn’t setup any fresh supply zone amind the last week. In addition, the h4 and h1 time frame continues to favor the buyers strength, while trading above the recent demand zone at 4510.666 on h4 and h1 both the time frame. However the Gold Price Forecast For Next Week hasn’t established any fresh support zone on both the time frame during the last week. Therefore the previous zone would remain valid.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
4726.779 – 4740.502
H1 Resistance
4726.779 – 4740.502
M15 Resistance
4626.259 – 4627.598
Major Support
1D Support
4049.985 – 4000.001
H4 Support
4378.634 – 4352.849
H1 Support
4432.137 – 4417.953
M15 Support
4589.393 – 4586.794
Market Structure Outlook
Although may continue to favor the sellers strength on 1d time frame. Therefore, the price remains under previous resistance at 5602.475 on 1d time frame. Meanwhile, acceptance below 4102 on 1d time frame. As a result price may continue the downside structure and identify the fresh resistance at 4831.963 – 4891.390 on 1d time frame. In addition, a close above 4647.224 on h4 time frame, price may stay under the bullish structure and form the fresh support at 4569.039 – 4560.619 on h4 time frame. On the other hand, a sustained close above 4647.224 on h1 time frame, the price may continue to reflect the buyers strength and introduce the fresh support at 4563.025 – 4560.619 on h1 time frame.
Weekly Trading Scenario
However the structure may continue to support the sellers on 1d, as the price remains below the support at 5602.475 on 1d time frame. Meanwhile a decisive close above 5602.475 on 1d. As a result price may signal the bullish momentum shift and establish the fresh support at 4642.837 – 4626.755 on 1d. In addition, if price maintain to close below at 4510.564 on h4, the price could support bearish outlook and form the fresh supply zone at 4555.194 – 4593.750 0n h4. Moreover, if price holds below 4510.564 on h1. As a result price may reinforce the downside structure and markout the fresh resistance at 4555.194 – 4562.890 on h1.
Bullish Scenario
A decisive close above 5602.475 on 1d time frame
Bearish Scenario
Acceptance below 4102 on 1d time frame
Key Takeways
Higher time frame bias: Bearish
Major Resistance: – 4726.779 – 4740.502
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.