XAU/USD 16-20 September 2024 Weekly Analysis

hace 4 díasWeekly Analysis:

Swing Structure: Bullish.
Internal Structure: Bullish.

Price has continued to print all time highs and surge with no indication of bearish pullback phase initiation.

The first indication of pullback will be for price to print a bearish CHoCH which is denoted with a blue dotted line.

I have previously mentioned, for over one month, that price could print further highs which would bring CHOCH positioning closer to current price and this is what price printed. CHoCH positioning has been brought significantly closer to price.

Weekly Chart:

Daily Analysis:

-> Swing: Bullish.
-> Internal: Bullish.

Price has printed a bullish iBOS.

After bullish iBOS we expect bearish pullback, which, at the moment, is not showing any signs of bearish pullback.

First indication, but not confirmation of pullback is for price to print a bearish CHoCH.

Bearish CHoCH positioning is denoted with a blue doted line.

Daily Chart:

H4 Analysis:

Intraday analysis/bias remains the same as analysis dated 13 September 2024.

-> Swing: Bullish.
-> Internal: Bullish.

Price has printed a further bullish iBOS without any significant pullback following previous bullish iBOS

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.

Intraday expectation: Price indicate pullback by printing bearish CHoCH. Current CHoCH is significantly far, therefore, price could print higher-highs to bring CHoCH positioning closer to current price.

H4 Chart: