XAU/USD 23 September 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Despite price printing it's first indication of bearish pullback phase initiation, price continued bullish.
Recent economic data and geopolitical tensions, have influenced market sentiment such as the Fed's recent interest rate decision (reduction) which typically supports Gold prices. Therefore, price is expected to remain highly volatile.
From a structural perspective, price is within an internal low and fractal high. CHoCH positioning is denoted with a blue dashed line. Since previous analysis price has continued bullish, as a result, CHoCH positioning has been brought closer to recent price action.
Intraday expectation: Due to volatility, price could continue bullish, however, price could also initiate bearish pullback, therefore, I will be standing by.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has printed a double bullish iBOS since last analysis.
Internal range is now established since price has printed a bearish CHoCH indicating bearing pullback phase initiation.
Intraday expectation: Price to continue bearish and react at either discount of internal 50% EQ of M15 demand zone before targeting weak internal high.
Alternative scenario: Due to all HTF's requiring a pullback, it would not surprise me if price printed a bearish iBOS.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bullish.
Despite price printing it's first indication of bearish pullback phase initiation, price continued bullish.
Recent economic data and geopolitical tensions, have influenced market sentiment such as the Fed's recent interest rate decision (reduction) which typically supports Gold prices. Therefore, price is expected to remain highly volatile.
From a structural perspective, price is within an internal low and fractal high. CHoCH positioning is denoted with a blue dashed line. Since previous analysis price has continued bullish, as a result, CHoCH positioning has been brought closer to recent price action.
Intraday expectation: Due to volatility, price could continue bullish, however, price could also initiate bearish pullback, therefore, I will be standing by.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has printed a double bullish iBOS since last analysis.
Internal range is now established since price has printed a bearish CHoCH indicating bearing pullback phase initiation.
Intraday expectation: Price to continue bearish and react at either discount of internal 50% EQ of M15 demand zone before targeting weak internal high.
Alternative scenario: Due to all HTF's requiring a pullback, it would not surprise me if price printed a bearish iBOS.
M15 Chart:
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