XAU/USD 17 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.
After a very long period price has printed it's first indication of bearish pullback phase initiation which was in accordance to my intraday analysis of yesterday 16 September 2024.
Internal range has now been established.
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. Therefore, price will be highly volatile.
Intraday expectation: Price indicate pullback by printing bearish CHoCH.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price did not meet yesterday's intraday expectation by printing a bearish iBOS.
This was expected as all HTF's require a pullback.
Intraday expectation: Price has reacted at premium of 50% EQ. Technically price should target weak internal low.
M15 Chart:
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