Technical analysis by DCBFOREXTRADING about Symbol PAXG: Buy recommendation (10/21/2024)

The chart you've shared appears to show a technical analysis for the Gold (XAU/USD) market using Smart Money Concepts (SMC). Here's a breakdown of the key elements on the chart: 1. **BOS (Break of Structure)**: This signifies a strong price movement that breaks a previous high or low, indicating a potential shift in market structure. On the chart, there was a break to the upside. 2. **FVG (Fair Value Gap)**: These zones highlight inefficiencies in the price action where price moved quickly, leaving a "gap" between candlesticks. Prices often revisit these areas, acting as potential support or resistance zones. 3. **CHoCH (Change of Character)**: A point where the market structure shifts, potentially signaling a reversal or correction. This is marked lower on the chart, suggesting a downward move is anticipated before a potential upward continuation. 4. **IDM OB and EXT OB (Order Blocks)**: These are areas of high institutional buying or selling pressure. They often act as strong areas of support or resistance where price might reverse. 5. **Expected Movements**: The chart indicates two possible bullish scenarios: - Price may retrace to one of the marked FVG or OB zones before bouncing back to the upside, breaking new highs. - Both scenarios suggest a "W" formation (double bottom-like structure) before a push higher, signifying a continuation of the uptrend. Overall, this SMC analysis seems to project a potential pullback followed by a strong bullish continuation, with specific zones of interest where traders might look for buy setups.