XAU/USD 20 March 2024 Intraday AnalysisH4 Analysis:
Bias/Analysis remains the same as yesterday's Analysis dated 19/03/2024
-> Swing: Bullish.
-> Internal: Bearish.
Price had printed a swing BOS and subsequently a bullish iBOS.
Swing range confirmed.
Price has now printed a bearish iBOS to confirm swing pullback has initiated.
Scenario 2 played out from previous analysis whereby it was mentioned price could target internal low as all HTF's are requiring a pullback.
Yesterday's Intraday expectation was for price to continue bullish, react at either 50% EQ or H4 POI before targeting weak internal low.
Price attempted to do this but failed which possibly indicates the need for more liquidity.
Intraday expectation is for price to retrace to 50% EQ of the internal structure or H4 POI before once again targeting weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has now printed a further bearish iBOS which confirms comments made on 12 March 2024 that it would be useful to remember that all HTF's are requiring a pullback.
Pullback following bearish iBOS is underway .
Yesterday's Intraday expectation was for price to react at M15 POI, or 50% EQ (denoted in blue) before targeting weak internal low. Price did as expected.
However, price was unable to break and close below weak internal low which indicates that bearish pullback following bullish iBOS on M15 TF and bearish pullback for H4 TF remains underway.
Price has been moving sideways in a narrow range which could indicate that we await to see results of high impact incoming data before higher volatility moves are made.
Intraday expectation remains the same as yesterday, for price to target weak internal low.
M15 Chart:
