XAU/USD 07-11 October 2024 Weekly AnalysisWeekly Analysis:
Swing Structure: Bullish.
Internal Structure: Bullish.
Price has continued to print all-time highs and surge, with no indication of bearish pullback phase initiation.
The first sign of a pullback would be price printing a bearish Change of Character (CHoCH), which is marked with a blue dotted line.
Price has continued higher, and CHoCH positioning remains unchanged from the 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 bullish iBOS, a bearish pullback is anticipated, though there are currently no signs of it materialising.
The first indication, though not a confirmation of a pullback would be price printing a bearish Change of Character (CHoCH). Since last week's analysis, CHoCH positioning has remained unchanged.
The bearish CHoCH level is marked with a blue dotted line.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Bearish swing pullback phase has been confirmed by the first bearish Internal Break of Structure (iBOS), which has established the current swing range. Currently, price is trading between the swing high and internal low.
Following second bearish iBOS price printed a bullish Change of Character (CHoCH), suggesting but not confirming the initiation of a bullish pullback phase.
Price reacted from the premium zone above the 50% internal equilibrium (EQ). Although the weak internal low was targeted, price was unable to close below it after reacting from an H4 demand zone.
Intraday Expectation: Price is expected to target weak internal low.
H4 Chart:
