XAU/USD 20 September 2024 Intraday AnalysisH4 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 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price did not meet yesterday's intraday with price printing a bullish BOS following reaction from discount of internal 50% EQ.
Fed rate decision to increase rates by 50bps along with geopolitical tensions is supporting Gold prices.
Price has not printed a bullish CHoCH, however, price has printed beyond internal 50% EQ and in to premium, therefore, I am happy to confirm internal range.
Price is currently contained within a swing low and fractal high.
CHoCH positioning is denoted with a blue dotted line.
Intraday expectation: Price to indicate pullback phase intimation. First indication would be for price to print bearish CHoCH.
M15 Chart:
