XAU/USD 16 September 2024 Intraday Analysis
-> Swing: Bullish.
-> Internal: Bullish.
As mentioned on 13 September 2024, price to indicate pullback by printing bearish CHoCH. Current CHoCH was significantly positioned away from price therefore, price could print higher-highs to bring CHoCH positioning closer to current price.
This is how price printed with CHoCH positioning being brought significantly closer to current price action.
Recent economic data, particularly from the US has influenced market sentiment such as softer US employment data leading to an expectation of a more softer approach from the Fed which typically supports Gold prices.
Intraday expectation: Price indicate pullback by printing bearish CHoCH.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Due to several factors such as geopolitical tensions and many macroeconomic factors XAU continues to surge.
Price has printed a further bullish iBOS followed by a bearish CHoCH indicating bearish pullback phase initiation.
Intraday expectation: Price has reacted at discount of 50% EQ. Technically price should target weak internal high.
M15 Chart:
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