XAU/USD 28 October - 01 November 2024 Weekly AnalysisWeekly Analysis:
Swing Structure: Bullish.
Internal Structure: Bullish.
Price has continued its surge, reaching new all-time highs with no signs yet of bearish pullback phase initiation.
The initial indication of a pullback would be a bearish Change of Character (CHoCH), marked by a blue dotted line. Price's ongoing ascent has now positioned CHoCH significantly closer to most recent price action.
Weekly Chart:
Daily Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has sustained its upward surge since printing a bullish Internal Break of Structure (iBOS), driven by softer U.S. macroeconomic data and heightened 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 potential pullback would be price printing a bearish Change of Character (CHoCH), which is marked by a blue dotted line.
Price could potentially achieve new highs, bringing the bearish CHoCH positioning significantly closer to current price action. This proximity would provide a realistic opportunity for price to signal the initiation of a bearish pullback phase.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Gold’s rally persists amid the Fed’s dovish tone and heightened geopolitical tensions, solidifying its safe-haven appeal.
Price has printed a bearish Change of Character (CHoCH), signaling—but not yet confirming—the start of a bearish pullback phase.
Intraday Expectation: Despite the bearish CHoCH, price has yet to pull back into the internal 50% EQ discount. We could see a reaction at the H4 supply level before any confirmation of bearish pullback initiation.
Technical Note: The strong high at 2,758.525 is anticipated to remain protected. However, with CHoCH positioning on the daily timeframe somewhat distant, price may print a bullish iBOS in the near term to align with the daily timeframe’s movement.
H4 Chart:
