XAU/USD - Gold Weekly Analysis(21st Oct. 24 to 25th Oct. 24)

XAU/USD - Gold Weekly Analysis(21st October 2024 to 25th October 2024)

Weekly Recap:

Last week was dull in terms of major data releases but interesting PA throughout the second half of the week. Gold opened around 2656, ranged all Monday to Tuesday morning between 2666 and 2640 demand zone before starting to rise steadily throughout NY Tuesday session. Second half of the week showed more bulls in control reaching the last ATH around 2685 and holding there bouncing between 2673 and 2685, before Thursday's retail sales came positive for the USD giving a short lived pullback to 2673 from ATH then breaking 2685 and stalling around 2696, closing
around 2693. Then on Friday, bulls in control with no significant PB broke 2700 and reached a high of
2721-22 and closing the week there. This strong bullish move is due to many factors in play, mostly due to geopolitical tensions in the middle east, market pricing in more rate cuts, Fed speakers signals, Chinese stimulus and markets pricing in a Trump's win.

Reminder on Gold:

Even though gold is HTF bullish. It isn’t out of the ordinary for gold to have PBs / Deeper PBs especially with the ending up the month coming up. Keep in mind we’re still early into the new quarter and gold could remain bullish give or take PBs / Deeper PBs. We also need to remain alert on escalating geopolitical tensions which can shake out the short-term PBs sell bias. I would personally lower my risk and the amount of trades I take.

Trade ideas for the upcoming week:

I'll look for buys only at lower demand zones unless intraday highs are broken and extension of buys played out at the start of the week. I'Il look for three zones

Bullish Scenario:

- Buys from AOI 2703 to ATH and price discovery mode
- Buys from 2697 KL
- Breakout buys from 2640 if we broke below the 70's for a deeper PB before bulls are activated again.

Bearish PB Scenario:

- I'll be looking for sells below 2697 to revisit previous ATH at 2685 KL and lower

Our Focus this week from the economical calendar:
This week towards the beginning of this week we have no major economic data, or events. With an eye set focus on the second half of the week with data beginning on Thursday with United States, home sales, jobless claims and Flash PMI.

- 21.10: Fed Speakers
- 22.10: Fed Speakers
- 23.10: Fed Speakers + Existing Home Sales
- 24.10: Fed Speakers + Initial Jobless Claims + S&P
PM Flash (Manufacturing/Services/Composite) + New
Home Sales
- 25.10: Durable Good Orders + Michigan Consumer

Daily Reminder:

-Caution-

Stay Smart, Trade safe, follow your trading plan, follow your risk management plan, focus on long term vision, keep emotions out and avoid crashing your account.