XAUUSD Analysis (24th April 2024)

24 Apr

Market Analysis PT1/2 (24th April 2024)

XAUUSD Analysis

On the 1 hour timeframe, Price action has rejected off a daily orderblock couple with a weekly bullish Fair value gap, creating a bullish Change of Character to the upside.

This means that there could be potential intentions of price creating a potential bullish market structure shift on gold, allowing gold to continue bullish on the daily timeframe.

Currently the 1 hour has created a bullish FVG, which hasnt been tested. So ideally i am looking for price to come into the bullish FVG before looking for 5/15 minute confirmation using a bullish change of character to continue higher.

However, if price breaks below the FVG and breaks the 2291 level, that price still has ways to go to the downside and i will be looking for continuation shorts.