XAU/USD 02 October 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has continued its surge, reaching all-time highs with minimal pullbacks.
The bearish swing pullback phase has been confirmed by a bearish Internal Break of Structure (iBOS), which has also established the current swing range. At present, we are trading between the swing high and internal low.
Price has now printed a bullish Change of Character (CHoCH), suggesting, but not confirming initiation of a bullish pullback phase.
Additionally, the price has reacted from the premium zone above the 50% internal equilibrium (EQ).
Intraday Expectation: The expectation is for price to target a weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
The price met expectations by targeting a weak internal low and printing a bearish Internal Break of Structure (iBOS).
As previously noted, price action has been erratic due to ongoing macroeconomic data and heightened geopolitical tensions.
Since the last analysis, the price printed a double bullish iBOS, likely driven by the escalation of geopolitical tensions.
The price has also printed a bearish Change of Character (CHoCH), suggesting, but not confirming the initiation of a bearish pullback phase.
Currently, price is positioned at the extreme of a strong internal low, with wicks into this level but no decisive close below.
Intraday Expectation: The price is expected to target a weak internal high. However, caution is advised, as the H4 timeframe has confirmed the swing pullback phase with a bearish iBOS, which could limit further upside momentum.
With rising geopolitical tensions, Gold is likely to remain highly volatile in the short term.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bearish.
Price has continued its surge, reaching all-time highs with minimal pullbacks.
The bearish swing pullback phase has been confirmed by a bearish Internal Break of Structure (iBOS), which has also established the current swing range. At present, we are trading between the swing high and internal low.
Price has now printed a bullish Change of Character (CHoCH), suggesting, but not confirming initiation of a bullish pullback phase.
Additionally, the price has reacted from the premium zone above the 50% internal equilibrium (EQ).
Intraday Expectation: The expectation is for price to target a weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
The price met expectations by targeting a weak internal low and printing a bearish Internal Break of Structure (iBOS).
As previously noted, price action has been erratic due to ongoing macroeconomic data and heightened geopolitical tensions.
Since the last analysis, the price printed a double bullish iBOS, likely driven by the escalation of geopolitical tensions.
The price has also printed a bearish Change of Character (CHoCH), suggesting, but not confirming the initiation of a bearish pullback phase.
Currently, price is positioned at the extreme of a strong internal low, with wicks into this level but no decisive close below.
Intraday Expectation: The price is expected to target a weak internal high. However, caution is advised, as the H4 timeframe has confirmed the swing pullback phase with a bearish iBOS, which could limit further upside momentum.
With rising geopolitical tensions, Gold is likely to remain highly volatile in the short term.
M15 Chart:
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