XAU/USD 20 May 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish BOS.
After bullish BOS, expectation is for price to pullback.
As previously mentioned, price was showing very early signs of pullback, however, we did not have indication or confirmation.
I also previously mentioned that first indication, but not confirmation, would be for price to print a bearish CHoCH. The CHoCH line is denoted with a blue dotted line.
Price has printed a bearish CHoCH which indicates, but not confirms pullback initiation.
Price is now in discount of 50% EQ and close to a H4 demand zone where price we expect to see a reaction. However, price has pulled back deeper mitigating the whole H4 demand zone and beyond. This could indicate that price was seeking liquidity to the extreme of the H4 demand zone.
As previously mentioned, if price cannot sustain its bullish momentum, it may seek to mitigate the H4 demand zone below.
Price is failing to break above discount of 50% EQ which could indicate the bulls are losing control momentarily or seeking further liquidity.
I have therefore started to map internal structure to gain a better understanding of price action. The blue dotted line will indicate an internal bearish CHoCH as price may pull back deeper to the extreme oh the H4 swing low structure which is marked with a blue solid vertical line.
Intraday expectation: Scenario one: Price to continue bullish to target weak internal high
Scenario two: Price to continue bearish and react at H4 POI below to then target weak internal high which is denoted with a blue solid line.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a further bullish iBOS.
Price has indicated, but not confirmed pullback initiation by printing a bearish CHoCH.
Price has fully mitigated a well-positioned M15 POI.
Intraday expectation: Price to react at M15 POI to target weak internal high which is denoted with a blue dashed line. The internal low, which is also marked with a blue dashed line to the bottom of the chart is expected to hold.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish BOS.
After bullish BOS, expectation is for price to pullback.
As previously mentioned, price was showing very early signs of pullback, however, we did not have indication or confirmation.
I also previously mentioned that first indication, but not confirmation, would be for price to print a bearish CHoCH. The CHoCH line is denoted with a blue dotted line.
Price has printed a bearish CHoCH which indicates, but not confirms pullback initiation.
Price is now in discount of 50% EQ and close to a H4 demand zone where price we expect to see a reaction. However, price has pulled back deeper mitigating the whole H4 demand zone and beyond. This could indicate that price was seeking liquidity to the extreme of the H4 demand zone.
As previously mentioned, if price cannot sustain its bullish momentum, it may seek to mitigate the H4 demand zone below.
Price is failing to break above discount of 50% EQ which could indicate the bulls are losing control momentarily or seeking further liquidity.
I have therefore started to map internal structure to gain a better understanding of price action. The blue dotted line will indicate an internal bearish CHoCH as price may pull back deeper to the extreme oh the H4 swing low structure which is marked with a blue solid vertical line.
Intraday expectation: Scenario one: Price to continue bullish to target weak internal high
Scenario two: Price to continue bearish and react at H4 POI below to then target weak internal high which is denoted with a blue solid line.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a further bullish iBOS.
Price has indicated, but not confirmed pullback initiation by printing a bearish CHoCH.
Price has fully mitigated a well-positioned M15 POI.
Intraday expectation: Price to react at M15 POI to target weak internal high which is denoted with a blue dashed line. The internal low, which is also marked with a blue dashed line to the bottom of the chart is expected to hold.
M15 Chart:
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