XAU/USD 21-25 October 2024 Weekly Analysis

Weekly analysis:

Swing Structure: Bullish.
Internal Structure: Bullish.

Price has continued to print all-time highs and surge, with no signs of bearish pullback phase initiation.

The first indication of a pullback would be price printing a bearish Change of Character (CHoCH), marked by a blue dotted line.

Price has continued to rise, bringing CHoCH positioning significantly closer to analysis dated 22 September 2024.

Weekly Chart:

Daily Analysis:

-> Swing: Bullish.
-> Internal: Bullish.

Price has printed a bullish Internal Break of Structure (iBOS) and continued its upward surge, driven by soft U.S. macroeconomic data and increasing geopolitical tensions.

Following the bullish iBOS, a bearish pullback is anticipated, though there are no current signs of it materialising.

The first indication, but not a confirmation, of a pullback would be price printing a bearish Change of Character (CHoCH). Since last week's analysis, CHoCH positioning has been brought significantly closer to current price action.

The bearish CHoCH level is denoted by a blue dotted line.

Daily Chart:

H4 Analysis:

-> Swing: Bullish.
-> Internal: Bullish.

Since the last analysis, due to illness, price has printed both a bullish iBOS and a subsequent BOS.

Driven by the Fed's dovish stance and escalating geopolitical tensions, gold, as a safe-haven asset, has continued its upward surge.

The swing low has been brought significantly closer. A break of this swing low would confirm the initiation of a pullback phase across all higher timeframes (HTFs).

Following the BOS and iBOS, we expect a pullback. The first indication, but not confirmation, would be price printing a bearish CHoCH, denoted by a blue dotted line.

At this stage, there are no signs of a pullback, so price could continue higher to bring CHoCH positioning closer to current price action.

H4 Chart: