XAUUSD │ 2 -6 September 2024

8月30日

- Daily timeframe [long term timeframe]
A pullback is due on XAUUSD and the dollar looks to be gaining some strength. I think this pullback may be the next course for price action as we go into the FED meeting for apparent rate cuts in September.
• Bullish bias


- Four-hour timeframe [medium term timeframe]
2497.400 was the actual start of the supply zone but the market traded all the way to the extreme level and hovered there for a few days before giving a good move lower. Pullbacks are always difficult to trade with its nasty price action. The bearish break of structure just confirms the start of a potential daily pullback.
• Bearish bias


- 15-minute timeframe [short term timeframe]
Messy as it is we are bearish.
• Bearish bias

How do I come to a bias conclusion?
I look at the swing structure; if it is bearish, I conclude a bearish bias [vice versa]

©Austin Palmer for FONOS Fx, 2024.