XAU/USD 15 July 2024 Intraday AnalysisH4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has reacted from daily supply zone which could potentially initiate the bearish pullback phase following bullish iBOS.
Bearish CHoCH positioning, which is denoted with a blue dotted line, is quite a distance away from price, therefore, for a better indication that pullback phase has initiated I would like to see price print a bearish CHoCH.
Intraday expectation: Both swing and internal structures are bullish. We currently do not have any indication or confirmation of bearish pullback phase initiation. I would therefore stand aside and allow price to print a bearish CHoCH. Current CHoCH positioning is denoted with a blue dotted line.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
As previously mentioned, following bullish iBOS last week, technically price should have targeted weak internal high as price was in the discount zone of 50% EQ with internal structure being bullish and that we should be mindful that H4 remains in bearish pullback phase, therefore, I would not have be surprised if price printed a bearish iBOS.
Price printed a bearish iBOS, therefore, the previous intraday expectation was correct.
Following bearish iBOS price printed a bullish CHoCH which indicates bearish pullback phase initiation.
Intraday expectation: Price reacted at premium of 50% EQ but could not target weak internal low. Price could potentially seek more liquidity by trading up to M15 supply zone before targeting weak internal low.
M15 Chart:
