XAU/USD 19-23 Feb 2024 Weekly AnalysisWeekly Analysis:
Outlook and bias for this coming week remains unchanged.
-> Swing: Bullish.
-> Internal: Bearish.
-> Did not reach EQ.
Price has not yet reached 50% EQ. Price remains in pullback phase in the premium swing/internal, therefore, I will still be looking to looking to short.
Bullish pullback following bearish iBOS now most likely complete and will target weak internal low.
Bearish CHoCH will be the first indication that sweep of liquidity of internal high is confirmed bearish swing pullback has initiated (highlighted with dotted horizontal line)
As mentioned last week, request to LTF's would be to shift bearish to facilitate bearish pullback.
Anticipate structure to indicate start of pullback phase once price prints CHoCH.
Weekly Chart:
Daily Analysis:
Bias has remained unchanged since last week:
-> Swing: Bullish.
-> Internal: Bullish
-. Sub-Internal -. Bearish
-> Has reached EQ.
Price has failed to close above strong internal high whereby we are now in premium EQ of the internal range.
Price remains, as last week, to be trading within internal high and low.
I have now mapped sub-internal structure in red to gain a micro-view of the Daily Timeframe.
Sub-Internal structure has printed a bearish iBOS where we are now seeing a bullish pullback.
Bullish pullback has reacted at a Daily POI.
Daily Chart:
H4 Analysis:
Analysis/expectation remains the same as yesterday (16/02/2024)
-> Swing: Bullish.
-> Internal Bearish.
-> Has reached EQ.
Price has printed a further bearish iBOS followed by a bullish CHoCH which is the first structural indication that pullback following bearish iBOS has initiated.
Expectation dated 16/02/2024 was for price to continue bullish and react at H4 POI or 50% EQ which price did and currently doing.
Await bearish price action to confirm bullish pullback is complete for price to target weak internal low.
H4 Chart:
