XAU/USD 13 September 2024 Intraday Analysis
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a further bullish iBOS without any significant pullback following previous bullish iBOS
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. Current CHoCH is significantly far, therefore, price could print higher-highs to bring CHoCH positioning closer to current price.
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 bullish BOS with price failing to target weak internal low.
Price has printed a bearish CHoCH indicating bearish pullback phase initiation.
At he time of writing it seems price is print higher-highs.
Intraday expectation: Price to continue bearish pullback phase, target either M15 demand zones or price reacts at discount of internal 50% EQ.
Alternative scenario, price prints bullish iBOS, confirming internal range low. This would give more realistic LTF confirmation that HTF is in pullback phase.
M15 Chart:
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