XAUUSD│ GOLD │ 19 – 23 August 2024
Updated
- Daily timeframe [long term timeframe]
We have just had a break of swing structure so in my mind, I am already preparing for at least an internal pullback. If we see the internal structure break then I will look for a deeper retracement but this may not happen until a full -27 percent extension.
• Bullish bias
- Four-hour timeframe [medium term timeframe]
Internal structure is bullish and broke structure so I am just waiting for that internal pullback to, possibly, go long and again. Swing structure is bullish as well; we are already past the -27 percent extension on the internal continuation leg so that correction is nearby.
• Bullish bias
- 15-minute timeframe [short term timeframe]
Both swing & internal structure is bullish. Until the low @ 2477.530 breaks I will not consider selling this market.
• Bullish bias
How do I come to a bias conclusion?
I look at the swing structure; if it is bearish, I conclude a bearish bias [vice versa]
©Austin Palmer for FONOS Fx, 2024.
We have just had a break of swing structure so in my mind, I am already preparing for at least an internal pullback. If we see the internal structure break then I will look for a deeper retracement but this may not happen until a full -27 percent extension.
• Bullish bias
- Four-hour timeframe [medium term timeframe]
Internal structure is bullish and broke structure so I am just waiting for that internal pullback to, possibly, go long and again. Swing structure is bullish as well; we are already past the -27 percent extension on the internal continuation leg so that correction is nearby.
• Bullish bias
- 15-minute timeframe [short term timeframe]
Both swing & internal structure is bullish. Until the low @ 2477.530 breaks I will not consider selling this market.
• Bullish bias
How do I come to a bias conclusion?
I look at the swing structure; if it is bearish, I conclude a bearish bias [vice versa]
©Austin Palmer for FONOS Fx, 2024.
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