XAU/USD 14-18 October 2024 Weekly AnalysisWeekly 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, 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 the bullish iBOS, a bearish pullback is anticipated, though there are no current signs of it materializing.
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 remained unchanged.
The bearish CHoCH level is denoted by a blue dotted line.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
As mentioned in my analysis dated 09 October 2024, price could print lower to bring CHoCH positioning closer to current price action, as the previous CHoCH positioning was quite distant. This is exactly how price has moved.
Price is currently positioned in the premium above the 50% equilibrium (EQ).
Intraday Expectation: Price is expected to react at the premium of the 50% EQ or H4 supply zone before targeting weak internal low.
I advise caution due to ongoing geopolitical tensions and the Fed's dovish stance. However, we will remain systematic in our approach.
H4 Chart:
