XAU/USD 09 September 2024 Intraday AnalysisH4 Analysis:
Intraday expectation, analysis and bias remains the same as analysis dated 23 August 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish iBOS.
After an iBOS (Internal Break of Structure) we expect a bearish pullback.
Price has printed bearish CHoCH which indicates, but not confirms bearish pullback phase initiation
Intraday expectation: Whilst price did continue bearish as part of bearish pullback phase, I am concerned that price has not, as yet, pulled back deep enough into either H4 demand zone or discount of 50% EQ, therefore, it is my view that price will seek further liquidity before a sustained bullish move to target weak internal high.
H4 Chart:
M15 Analysis:
Intraday expectation, analysis and bias remains the same as analysis dated 05 September 2024.
-> Swing: Bullish.
-> Internal: Bearish.
Due to several factors such as geopolitical tensions and many macroeconomic factors XAU continues to surge.
Nonetheless, I will continue with systematic rules of analysis.
Technically price should target weak internal low, therefore, my bias will remain unchanged until M15 candle break and close above swing high.
Price has targeted weak internal low but the move was not sustained which indicates that price may be seeking further liquidity.
We are seeing a secondary reaction to previous M15 supply zone.
Intraday expectation: Price is in premium of internal 50% EQ. Price to target weak internal low. My bias will remain unchanged until and unless M15 candle close above strong swing high.
M15 Chart:
