XAU/USD 05 August 2024 Intraday AnalysisH4 Analysis:
Bias/Analysis remains the same as yesterday's analysis dated 04 August 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Following price printing bullish BOS price pulled back to discount of 50% EQ before targeting weak internal high.
However, bullish momentum and pro swing/internal structure was unable to break and close above weak internal high, which, much like the daily TF, could be an early indication that bearish pullback phase is incomplete and price will seek further liquidity before targeting weak internal high.
Intraday expectation: Technically, price should target weak internal high, however, price has made one failed attempt, therefore, price could continue bullish, react at H4 supply level, print bearish price action, react at H4 demand level before targeting weak internal high.
Alternative scenario, price to target weak internal high.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has now printed a bearish iBOS.
Although price has not yet print a bullish CHOCH, price has pulled back into premium of 50% EQ, therefore, I am happy to mark the current low as an internal low thereby giving us an internal range.
Intraday expectation: Technically price should target weak internal low, however, we have had two failed attempts which could mean price is seeking liquidity to fuel it's drive down, therefore, price to react at premium of 50% or M15 supply level before targeting weak internal low.
M15 Chart:
