XAU/USD 4-8 November 2024 Weekly Analysis
Weekly Analysis:
Swing Structure: Bullish.
Internal Structure: Bullish.
Analysis/bias remains the same as last week's analysis dated 27 October 2024
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.
Gold's price has maintained its upward surge after printing a bullish Internal Break of Structure (iBOS), fueled by softer U.S. macroeconomic data and intensified geopolitical tensions.
In my weekly analysis dated 27 October 2024, I mentioned that price could potentially reach new highs, moving the bearish CHoCH positioning closer to current price. This shift would create a realistic opportunity for price to indicate the start of a bearish pullback phase.
This forecast played out as expected, with CHoCH positioning now significantly nearer to recent price action, marked by a blue dotted vertical line.
Following the bullish iBOS, a bearish pullback is anticipated. While price is currently giving very early signs of this by printing a higher high that has brought the CHoCH positioning closer, this is still an indication, not a confirmation of a potential pullback. The first more concrete signal of a pullback would be a bearish Change of Character (CHoCH).
Daily Chart:
H4 Analysis:
Analysis/bias remains the same as analysis dated 31 October 2024
-> Swing: Bullish.
-> Internal: Bullish.
Gold’s rally persists, driven by the Fed’s dovish stance and heightened geopolitical tensions, strengthening its safe-haven appeal.
Price has recently printed higher highs, bringing CHoCH positioning significantly closer to current price level. A bearish CHoCH has printed, signaling the first indication, though not a confirmation, of a potential bearish pullback phase initiation.
Price is now trading within an established internal range.
Intraday Expectation: Price is expected to continue bearish, potentially reacting at the H4 demand zone or the discount of the H4 internal 50% EQ before targeting the weak internal high.
We should however remain mindful that Daily TF is showing very early signs of bearish pullback phase initiation. Therefore, price could potentially print a bearish iBOS.
H4 Chart:
Swing Structure: Bullish.
Internal Structure: Bullish.
Analysis/bias remains the same as last week's analysis dated 27 October 2024
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.
Gold's price has maintained its upward surge after printing a bullish Internal Break of Structure (iBOS), fueled by softer U.S. macroeconomic data and intensified geopolitical tensions.
In my weekly analysis dated 27 October 2024, I mentioned that price could potentially reach new highs, moving the bearish CHoCH positioning closer to current price. This shift would create a realistic opportunity for price to indicate the start of a bearish pullback phase.
This forecast played out as expected, with CHoCH positioning now significantly nearer to recent price action, marked by a blue dotted vertical line.
Following the bullish iBOS, a bearish pullback is anticipated. While price is currently giving very early signs of this by printing a higher high that has brought the CHoCH positioning closer, this is still an indication, not a confirmation of a potential pullback. The first more concrete signal of a pullback would be a bearish Change of Character (CHoCH).
Daily Chart:
H4 Analysis:
Analysis/bias remains the same as analysis dated 31 October 2024
-> Swing: Bullish.
-> Internal: Bullish.
Gold’s rally persists, driven by the Fed’s dovish stance and heightened geopolitical tensions, strengthening its safe-haven appeal.
Price has recently printed higher highs, bringing CHoCH positioning significantly closer to current price level. A bearish CHoCH has printed, signaling the first indication, though not a confirmation, of a potential bearish pullback phase initiation.
Price is now trading within an established internal range.
Intraday Expectation: Price is expected to continue bearish, potentially reacting at the H4 demand zone or the discount of the H4 internal 50% EQ before targeting the weak internal high.
We should however remain mindful that Daily TF is showing very early signs of bearish pullback phase initiation. Therefore, price could potentially print a bearish iBOS.
H4 Chart:
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