XAU/USD 23 August 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish iBOS.
After an iBOS (Internal Break of Structure) we expect a bearish pullback.
Price has printed bearish CHoCH which indicates, but not confirms bearish pullback phase initiation
Intraday expectation: Whilst price did continue bearish as part of bearish pullback phase, I am concerned that price has not, as yet, pulled back deep enough into either H4 demand zone or discount of 50% EQ, therefore, it is my view that price will seek further liquidity before a sustained bullish move to target weak internal high.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
As mentioned in previous analysis whereby we needed to be mindful that H4, following bullish iBOS, has yet to initiate bearish pullback, therefore, it would not be unexpected if strong internal low was to be targeted. This is exactly what price printed, printing a bearish iBOS.
Bullish CHoCH positioning is denoted with a blue dotted line which is in premium of 50% EQ, therefore, if price reaches 50% EQ I will be happy to confirm internal low.
Price is reacting from M15 supply zone.
Intraday expectation: I would expect price to print into premium of 50% EQ before targeting weak internal low, however, price is reacting to an M15 supply zone.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish iBOS.
After an iBOS (Internal Break of Structure) we expect a bearish pullback.
Price has printed bearish CHoCH which indicates, but not confirms bearish pullback phase initiation
Intraday expectation: Whilst price did continue bearish as part of bearish pullback phase, I am concerned that price has not, as yet, pulled back deep enough into either H4 demand zone or discount of 50% EQ, therefore, it is my view that price will seek further liquidity before a sustained bullish move to target weak internal high.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
As mentioned in previous analysis whereby we needed to be mindful that H4, following bullish iBOS, has yet to initiate bearish pullback, therefore, it would not be unexpected if strong internal low was to be targeted. This is exactly what price printed, printing a bearish iBOS.
Bullish CHoCH positioning is denoted with a blue dotted line which is in premium of 50% EQ, therefore, if price reaches 50% EQ I will be happy to confirm internal low.
Price is reacting from M15 supply zone.
Intraday expectation: I would expect price to print into premium of 50% EQ before targeting weak internal low, however, price is reacting to an M15 supply zone.
M15 Chart:
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