M15 & H1 Intraday Key Levels| Bearish Bias
Market Structure: Bearish
Intraday Sentiment: Sell On Rise
Session Focus: London| Nyc
London Market Overview
Although the Gold Price Forecast secured the bearish structure on h1 time frame. As a result Gold Price Forecast closes below the near by support at 4767 on h1 time frame. As a result Gold Price Forecast shape the fresh resistance at 4847 on h1 time frame. On the other hand the m15 time frame following the bearish structure, as the Gold Price Forecast closes below the last support at 4853 on m15. Therefore Gold Price Forecast formed the fresh resistance at 4860 on m15 time frame. Moreover acceptance below 4737 on m15 and h1 time frame, may support the continuation of bearish structure and would set up the fresh resistance at 4807.697 – 4814.295 on h1 and m15 both the time frame
Resistance Zones
M15 Resistance Zone
4860.288 – 4861.209
Fresh Supply Zone
Short Term Key Resistance Region
H1 Resistance Zone
4847.129 – 4871.208
Fresh Supply Zone
Higher Time Frame Resistance Region
Support Zones
M15 Support Zone
4727.587 – 4723.621
Pending Demand Zone
Short Term Key Support Base
H1 Support Zone
4707.172 – 4698.849
Pending Demand Zone
Higher Time Frame Support Region
Session Strategy
However the price may keep the bearish momentum intact on h1 time frame, as long as the price holds the last resistance at 4891 on h1 time frame. Meanwhile if price confirms a close above at 4891 on h1 time frame. As a result price could affirmed the bullish structure on h1 time frame and may print the fresh support at 4871.208 – 4847.129 on h1 time frame. In addition, if price maintain to close above 4861.209 on m15 time frame. As a result price may support bullish extension and may build the fresh support at 4856.680 – 4854.073 0n m15 time frame.
Nyc Session Outlook
Although the h1 time frame may continue to support the downside momentum, until the price operates below resistance at 4891 on h1. Meanwhile the h1 structure is continuing with the last resistance without establishing the fresh resistance on h1 time frame. Moreover the m15 time frame operates with the same supply zone at 4861.209 , as established in the london session. Therefore the pending zone would remain valid on both the time frame.
Key Resistance & Support Zone
Resistance Zones
M15 Resistance Zone
4860.288 – 4861.209
Pending Supply Zone
Short Term Key Resistance Region
H1 Resistance Zone
4847.129 – 4871.208
Pending Supply Zone
Higher Time Frame Resistance Region
Support Zones
M15 Support Zone
4727.587 – 4723.621
Pending Demand Zone
Short Term Key Support Base
H1 Support Zone
4707.172 – 4698.849
Pending Demand Zone
Higher Time Frame Support Region
Session Strategy
However the price may keep the sellers intact on h1 time frame, as long as the price operates below the last resistance at 4891 on h1 time frame. In addition, a confirmed close above at 4891 on h1 time frame. As a result price may affirmed the upside momentum on h1 time frame and could print the fresh support at 4871.208 – 4847.129 on h1 time frame. Meanwhile, a record close above 4861.209 on m15 time frame. As a result price could support the bullish continuation and would build the fresh support at 4856.680 – 4854.073 0n m15 time frame.
Key Takeways
Trend: Bearish
Bias: Sell On Rise
Follow H1 Structure
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 Price Forecast
Moreover, for daily gold chart analysis, refer my Gold XAUUSD Analysis section