XAU/USD 24 September 2024 Intraday Analysis

H4 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. Since previous analysis price has continued bullish, as a result, CHoCH positioning has been brought closer to recent price action.

Intraday expectation: Due to volatility, price could continue bullish, however, price could also initiate bearish pullback by printing bearish CHoCH, therefore, I will be standing by.

H4 Chart:

M15 Analysis:

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

*CORRECTION* - I overlooked yesterday's analysis stating internal was bearish when it was in fact bullish.

Yesterday's intraday analysis was correct as price did target weak internal high, printing a further bullish iBOS.

Price is now contained within an internal range and is positioned at the extreme of the strong internal low of internal 50% EQ and M15 demand zone.

Currently strong internal low is holding.

Intraday expectation: Technically price should target weak internal high.

Alternative scenario: Due to all HTF's requiring a pullback, it would not surprise me if price printed a bearish iBOS.

M15 Chart: