XAU/USD 02 July 2024 Intraday Analysis
H4 Analysis:
Analysis/bias remains the same as yesterday's analysis dated 01 July 2024.
-> Swing: Bullish.
-> Internal: Bearish.
As previously mentioned, price reacted at 50% EQ of the internal range to target weak internal low, however, price was unable to close below internal low due to H4 demand zone.
Nonetheless, internal structure remains bearish until strong internal high is taken out.
Price is again showing reaction to premium of 50% EQ.
Intraday expectation: Price to once again target weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price printed as per yesterday's intraday expectation targeting the weak internal high and printing an iBOS.
After an iBOS we expect a pullback which price did.
Price then strongly reacted at an M15 demand level.
Intraday expectation: Internal structure is bullish, therefore, technically price should target weak internal high.
Alternative scenario is price to target strong internal low as we need to be mindful that H4 is in bearish pullback phase.
M15 Chart:
Analysis/bias remains the same as yesterday's analysis dated 01 July 2024.
-> Swing: Bullish.
-> Internal: Bearish.
As previously mentioned, price reacted at 50% EQ of the internal range to target weak internal low, however, price was unable to close below internal low due to H4 demand zone.
Nonetheless, internal structure remains bearish until strong internal high is taken out.
Price is again showing reaction to premium of 50% EQ.
Intraday expectation: Price to once again target weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price printed as per yesterday's intraday expectation targeting the weak internal high and printing an iBOS.
After an iBOS we expect a pullback which price did.
Price then strongly reacted at an M15 demand level.
Intraday expectation: Internal structure is bullish, therefore, technically price should target weak internal high.
Alternative scenario is price to target strong internal low as we need to be mindful that H4 is in bearish pullback phase.
M15 Chart:
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