Market Overview
The price is bullish on the 1D time frame but although the structure is respecting the sellers as long as the price holds 5419 on h4 time frame and 5063 on h1 time frame. As long as the these level remains intact, therefore the furthermore downside remains intact.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
5244.920 – 5250.005
Pending Resistance Zone
Higher Probability Resistance Area
H1 Resistance
5046.623 – 5063.766
Fresh Resistance Zone
Higher Time Frame Resistance Area
M15 Resistance
5056.252 – 5063.976
Fresh Resistance Area
Short Term Intraday Supply Zone
Major Support
The price hasn’t formed any support on any time frame, although the price is bullish on daily time frame
Although these levels may act as decision zones during the week.
Market Structure Outlook
The structure is respecting the sellers on h4 time frame, although the daily time frame may continue its bullish structure. In addition, a sustained close 4997 on h4 time frame may confirm the fresh on h4 time frame. Similarly on the other hand, a decisive close below 4960 may open the door for furthermore downside.
Weekly Trading Scenario
Although the structure remains bearish on all the time fame except daily time frame. A sustained close 4997 on h4 time frame may confirm the fresh resistance on h4 time frame at 5238. Similarly on the other hand, a decisive close below 4960 may open the door for furthermore downside at h1 time frame. In addition a break above 5063 on h1 time frame, may confirm the change of character towards the bullish on h1 time frame, as the result price the will establish new support at 5034. Unless these resistance remains intact, therefore the price will continue the downside momentum.
Bullish Scenario
A close above 5063 would establish character shift on h1 time frame.
Bearish Scenario
Similarly, if price holds 5063 on h1 time frame then the furthermore downside expected.
Key Takeways
Higher timeframe bias: Bearish
Major resistance: 5250.005
Major support: The price hasn’t formed any support on any time frame, although the price is bullish on daily time frame
This XAUUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Always wait for the confirmation’s before entering the trade and manage the risk properly.
Disclaimer
This analysis is for educational and informational purposes only. It does not constitute financial advice. Always manage your risk and trade responsibly.