XAU/USD 22-26 April 2024 Weekly Analysis

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Weekly Analysis:

Analysis/Bias remains the same as last week's weekly analysis dated 14 April 2024

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

Price printed a bullish swing BOS followed by a bullish iBOS and continues to break all time highs.

Most likely scenario would be for price to pull back following swing and internal BOS (Break Of Structure)

First structural indication, but not confirmation that pullback has initiated would be for price to print a bearish CHoCH which is denoted by a vertical blue dashed line as internal low as CHoCH are priced at the same level.

Price is now trading within a fractal high and internal low.

Expectation is for price to pullback following swing and internal pullback. Internal low and CHoCH are positioned at the same level.

Weekly Chart:
Daily analysis:

Price has continued to print all time highs.

CHoCH has once again been repositioned closer to most recent price action. This is advantageous due to the fact that price will now not need to retrace much deeper to initiate pullback.

Remainder of analysis/bias remains unchanged since last daily analysis dated 14 April 2024.

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

Price has printed a swing BOS. Swing low confirmed and adjusted with swing high yet to be established.

Most likely scenario will be for price to pull back following swing BOS. First indication, but not confirmation, would be a bearish CHOCH denoted with a vertical dotted line.

As mentioned on 31 March 2024, price could potentially continue to trade bullish to seek further liquidity before pullback, however, it is looking increasingly likely a pullback will be imminent.

Daily Chart:
H4 Analysis:

Bias/Analysis remains unchanged since yesterday's analysis dated 19 April 2024.

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

Price remains contained within an internal range where we saw a reaction from H4 supply with price unable to close below strong internal low.

Price reacted at H4 supply and subsequently reacted at H4 demand.

Price is currently between H4 supply and demand where we are seeing a battle between the bulls and bears with price printing an internal bearish CHoCH.

The prevailing trend, which is bullish, would be a factor, therefore, current intraday expectation is for price to react at H4 demand level to target weak internal high, however, because price has printed a bearish CHoCH an alternative scenario could be for the price breach and close below internal low as all HTF's require a pullback.

H4 Chart: