XAU/USD 23-27 September 2024 Weekly Analysis
Swing Structure: Bullish.
Internal Structure: Bullish.
Price has continued to print all time highs and surge with no indication of bearish pullback phase initiation.
The first indication of pullback will be for price to print a bearish CHoCH which is denoted with a blue dotted line.
I have previously mentioned, for over one month, that price could print further highs which would bring CHOCH positioning closer to current price and this is what price printed. CHoCH positioning has been brought significantly closer to price.
Weekly Chart:
Daily Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price had printed a bullish iBOS and continued it's surge in price.
After bullish iBOS we expect bearish pullback, which, at the moment, is not showing any signs of bearish pullback.
First indication, but not confirmation of pullback is for price to print a bearish CHoCH. Since last week's analysis, CHoCH positioning has been brought significantly closer to price which allows for more realistic expectation of pullback indication.
Bearish CHoCH positioning is denoted with a blue doted line.
Daily Chart:
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
Intraday expectation: Due to volatility, price could continue bullish, however, price could also initiate bearish pullback, therefore, I will be standing by.
H4 Analysis:
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