XAU/USD 13 December 2024 Intraday Analysis

#XAU/USD#

H4 Analysis:

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

Bias/analysis remains the same as analysis dated 25 November 2024. Awaiting candle closure to confirm bullish iBOS

Price Action Analysis:
As mentioned in yesterday's analysis dated 24 November 2024, whereby price was expected to print a bearish CHoCH. This is how price printed.

Currently, price is trading within an established internal range.

Intraday Expectation:
Price is anticipated to trade down to either discount of internal 50% EQ, which is marked in blue, or H4 demand zone before targeting weak internal high priced at 2,721.420.

Note:
With the Federal Reserve's dovish stance and persisting geopolitical uncertainties, heightened volatility in Gold is expected to continue. Traders should proceed with caution and adjust risk management strategies in this high-volatility environment.

H4 Chart:

M15 Analysis:

-> Swing: Bearish.
-> Internal: Bearish.

Price Action Analysis:
Yesterday's intraday analysis played out with price targeting weak internal low at priced 2,700.810.

Price has just printed a further bearish iBOS.

Following bearish iBOS we expect a pullback. Current CHoCH positioning is denoted with a blue dotted line.

We are now trading within an internal high and fractal low. You will note internal range has been significantly narrowed, however, price could print lower which would extend the depth of the internal range

Intraday Expectation:
Price is expected to indicate pullback initiation by printing a bullish CHoCH.

Note:
With the Federal Reserve maintaining a dovish stance and ongoing geopolitical tensions, volatility in Gold prices is expected to remain elevated. Traders should exercise caution, adjust risk management strategies, and stay prepared for potential price whipsaws in this high-volatility environment.

M15 Chart: