XAU/USD 18 September 2024 Intraday AnalysisH4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
As mentioned on 13 September 2024, price to indicate pullback by printing bearish CHoCH. Current CHoCH was significantly positioned away from price therefore, price could print higher-highs to bring CHoCH positioning closer to current price.
This is how price printed with CHoCH positioning being brought significantly closer to current price action.
After a very long period price has printed it's first indication of bearish pullback phase initiation which was in accordance to my intraday analysis of yesterday 16 September 2024.
Internal range has now been established.
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. Therefore, price will be highly volatile.
Intraday expectation: Price to continue bearish, react at discount of 50% EQ or Daily and H4 POI's.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price met yesterday's intraday expectation by targeting weak internal low.
This is in-line with all HTF as a pullback is required.
Price has printed a further bearish iBOS followed by a bullish CHoCH indicating bullish pullback phase initiation.
Intraday expectation: Price has reacted at premium of 50% EQ. Technically price should target weak internal low, however, we should be mindful that, due to geopolitical and macroeconomic conditions, price is likely to be highly volatile.
M15 Chart:
