XAU/USD 24 May 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish BOS.
After bullish BOS, expectation is for price to pullback.
As previously mentioned, price was showing very early signs of pullback, however, we did not have indication or confirmation.
I also previously mentioned that first indication, but not confirmation, would be for price to print a bearish CHoCH. The CHoCH line is denoted with a blue dotted line.
Price has now printed a bearish CHoCH which indicates, but not confirms pullback initiation.
Price is now in discount of 50% EQ and close to a H4 demand zone where price we expect to see a reaction. However, price has pulled back deeper mitigating the whole H4 demand zone and beyond. This could indicate that price was seeking liquidity to the extreme of the H4 demand zone.
Conversely, if price cannot sustain its bullish momentum, it may seek to mitigate the H4 demand zone below.
Intraday expectation: Scenario one: Price to continue bullish to target weak internal high
Scenario two: Price to continue bearish and react at H4 POI below to then target weak internal high which is denoted with a blue dashed line.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has printed a series of bearish iBOS' (Internal breaks of structure).
After every iBOS price is expected to pull back.
Once price has printed bearish CHoCH we can establish internal high.
Intraday expectation: Internal range has yet to be established, however, internal structure is bearish. Once internal range has been establish price to eventually target weak internal low.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish BOS.
After bullish BOS, expectation is for price to pullback.
As previously mentioned, price was showing very early signs of pullback, however, we did not have indication or confirmation.
I also previously mentioned that first indication, but not confirmation, would be for price to print a bearish CHoCH. The CHoCH line is denoted with a blue dotted line.
Price has now printed a bearish CHoCH which indicates, but not confirms pullback initiation.
Price is now in discount of 50% EQ and close to a H4 demand zone where price we expect to see a reaction. However, price has pulled back deeper mitigating the whole H4 demand zone and beyond. This could indicate that price was seeking liquidity to the extreme of the H4 demand zone.
Conversely, if price cannot sustain its bullish momentum, it may seek to mitigate the H4 demand zone below.
Intraday expectation: Scenario one: Price to continue bullish to target weak internal high
Scenario two: Price to continue bearish and react at H4 POI below to then target weak internal high which is denoted with a blue dashed line.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has printed a series of bearish iBOS' (Internal breaks of structure).
After every iBOS price is expected to pull back.
Once price has printed bearish CHoCH we can establish internal high.
Intraday expectation: Internal range has yet to be established, however, internal structure is bearish. Once internal range has been establish price to eventually target weak internal low.
M15 Chart:
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