M15 & H1 Intraday Key Levels| Bearish Bias
Market Structure: Bearish
Intraday Sentiment: Sell On rise
Session Focus: London| Nyc
London Market Overview
Although the short-term structure of Gold Price Forecast remains bullish but the higher time frame structure remains aligned with yesterdays bearish structure on h1 time frame, the price took support 5141.567 on m15 time frame and continues short-term bullish structure.
Resistance Zones
M15 Resistance Zone
5224.433 – 5227.029
Pending Supply Area
Short-term Intraday Supply Zone
H1 Resistance Zone
5367.309 – 5375.884
Anticipated Resistance Area
Higher time frame Resistance Zone
Support Zones
M15 Support Zone\H1 Support Zone
As the price is bearish in higher timeframe, hasn’t formed new support in higher timeframe but short-term support will be at 5089.070
Session Strategy
Although the sellers are dominating the price while the buyers took control in short time frame m15. On the other hand, if price closes above 5375.884 on h1 then the price will establish change of character on higher timeframe h1 until that selling pressure continues. Meanwhile short-term support remains valid at 5089.070
Nyc Session Outlook
Although the price is in consolidation while continuing the short term bullish trend. Meanwhile the price hasn’t established any new support on m15 time frame and any new resistance on h1 time frame. Moreover the sellers are active at shorter as well as higher time frame. Therefore awaiting for the breakdown or breakout of the structure.
Key Resistance and Support Zones
M15 Support
5089.070 – 5083.786
Pending intraday Demand Area
Short term Support Area
H1 Resistance
5367.309 – 5375.884
Anticipated Resistance Area
Higher time frame Resistance Zone
Session Strategy
Although the seller are controlling the higher time frame bias. Meanwhile the Gold Price Forecast didn’t establish any fresh support on shorter timeframe, meanwhile the 5089 support will remain valid in shorter time frame. In addition, a breakdown below 5089 could confirm the fresh supply zone which may act as the next resistance area on m15. Meanwhile the sellers are active at 5224.452 can push down the price till 5089.
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
For daily gold chart analysis, refer my Gold XAUUSD Analysis section