XAU/USD 29 October 2024 Intraday Analysis
H4 Analysis:
Analysis/bias remains the same as analysis dated 27 October 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Gold’s rally persists amid the Fed’s dovish tone and heightened geopolitical tensions, solidifying its safe-haven appeal.
Price has printed a bearish Change of Character (CHoCH), signaling, but not yet confirming, the start of bearish pullback phase.
Intraday Expectation: Despite the bearish CHoCH, price has yet to pull back into the internal 50% EQ discount. We could see a reaction at the H4 supply level before any confirmation of bearish pullback initiation.
Technical Note: The strong high at 2,758.525 is anticipated to remain protected. However, with CHoCH positioning on the daily timeframe somewhat distant, price may print a bullish iBOS in the near term to align with the daily timeframe’s movement.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Analysis/intraday expectation remains the same as analysis dated 24 October 2024.
Yesterday's intraday expectation was not met, as price failed to target the weak internal high and instead printed a bearish Internal Break of Structure (iBOS). This aligns with the H4 timeframe being in a pullback phase.
As previously highlighted, price remains highly volatile, driven by ongoing geopolitical tensions and the Fed's softer stance.
Price has since printed a bullish Change of Character (CHoCH), suggesting but not confirming the initiation of a bullish pullback phase. Currently, price is trading within a well-established internal range.
Intraday Expectation: Price is reacting around the 50% equilibrium of the internal range and may also react at nested H4 and M15 supply levels before targeting the weak internal low.
M15 Chart:
Analysis/bias remains the same as analysis dated 27 October 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Gold’s rally persists amid the Fed’s dovish tone and heightened geopolitical tensions, solidifying its safe-haven appeal.
Price has printed a bearish Change of Character (CHoCH), signaling, but not yet confirming, the start of bearish pullback phase.
Intraday Expectation: Despite the bearish CHoCH, price has yet to pull back into the internal 50% EQ discount. We could see a reaction at the H4 supply level before any confirmation of bearish pullback initiation.
Technical Note: The strong high at 2,758.525 is anticipated to remain protected. However, with CHoCH positioning on the daily timeframe somewhat distant, price may print a bullish iBOS in the near term to align with the daily timeframe’s movement.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Analysis/intraday expectation remains the same as analysis dated 24 October 2024.
Yesterday's intraday expectation was not met, as price failed to target the weak internal high and instead printed a bearish Internal Break of Structure (iBOS). This aligns with the H4 timeframe being in a pullback phase.
As previously highlighted, price remains highly volatile, driven by ongoing geopolitical tensions and the Fed's softer stance.
Price has since printed a bullish Change of Character (CHoCH), suggesting but not confirming the initiation of a bullish pullback phase. Currently, price is trading within a well-established internal range.
Intraday Expectation: Price is reacting around the 50% equilibrium of the internal range and may also react at nested H4 and M15 supply levels before targeting the weak internal low.
M15 Chart:
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