Gold continues it's bullish run following the Fed's dovish outlook on interest rates.
Price has printed a bullish iBOS where we are currently trading within a fractal high and internal low.
Relative to recent price action of the swing range, I have readjusted bullish BOS to bullish iBOS.
Intraday expectation is for price to react H4 POI to then target fractal high.
Because of the need for HTF's requiring a pullback, another potential scenario would be for price to continue bearish and print a bearish iBOS which would then indicate the Daily pullback has initiated.
H4 Chart:
M15 Analysis:
-> Swing: Bullish. -> Internal: Bullish.
Price has printed a bullish iBOS followed by bullish BOS following the Fed's dovish outlook on interest rates yesterday.
Price printed a bearish CHoCH, indicating, but not confirming, that pullback has initiated. This is also a requirement for all HTF's
Yesterdays Intraday expectation was for price to indicate initiation of pullback by printing a bearish CHoCH which is denoted with a blue dotted line. Price printed this.
Current intraday expectation is for price to react at either H4 or M15 POI. Price to then target weak internal high.
However, due to the requirement for all HTF's requiring a pullback, an alternative scenario would be for price to print a bearish swing BOS which would then confirm the initiation of H4 pullback.