XAUUSD │ 2 -6 September 2024
- Daily timeframe [long term timeframe]
A pullback is due on XAUUSD and the dollar looks to be gaining some strength. I think this pullback may be the next course for price action as we go into the FED meeting for apparent rate cuts in September.
• Bullish bias
- Four-hour timeframe [medium term timeframe]
2497.400 was the actual start of the supply zone but the market traded all the way to the extreme level and hovered there for a few days before giving a good move lower. Pullbacks are always difficult to trade with its nasty price action. The bearish break of structure just confirms the start of a potential daily pullback.
• Bearish bias
- 15-minute timeframe [short term timeframe]
Messy as it is we are bearish.
• Bearish 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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