XAU/USD 12 July 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
As previously mentioned, following bullish iBOS price did not pull back significantly enough to indicate bearish pullback initiation which could indicate that price is seeking further liquidity to fuel its drive down.
I also previously mentioned that price could also create a new high, higher than the current fractal high to bring CHoCH positioning closer to current price action and tap into daily supply zone.
This is precisely what happened which was also assisted by yesterday's US CPI reading.
Intraday expectation: Following bullish iBOS price is expected to pull back to print a bearish iBOS which would indicate, but not confirm bearish pullback initiation Price should react at discount of 50% EQ of the internal structure (50% EQ denoted in blue) or H4 demand zone before targeting weak internal high.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish iBOS which was assisted by yesterdays US CPI reading.
Following pullback, bearish pullback initiation began after reaction from daily supply zone where price printed a bearish CHoCH to indicate, but not confirm bearish pullback initiation.
Intraday expectation: Technically price should target weak internal high as price is currently the discount zone of 50% EQ with internal structure being bullish, however, we should be mindful that H4 remains in bearish pullback phase, therefore, I would not be surprised if price printed a bearish iBOS.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bullish.
As previously mentioned, following bullish iBOS price did not pull back significantly enough to indicate bearish pullback initiation which could indicate that price is seeking further liquidity to fuel its drive down.
I also previously mentioned that price could also create a new high, higher than the current fractal high to bring CHoCH positioning closer to current price action and tap into daily supply zone.
This is precisely what happened which was also assisted by yesterday's US CPI reading.
Intraday expectation: Following bullish iBOS price is expected to pull back to print a bearish iBOS which would indicate, but not confirm bearish pullback initiation Price should react at discount of 50% EQ of the internal structure (50% EQ denoted in blue) or H4 demand zone before targeting weak internal high.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish iBOS which was assisted by yesterdays US CPI reading.
Following pullback, bearish pullback initiation began after reaction from daily supply zone where price printed a bearish CHoCH to indicate, but not confirm bearish pullback initiation.
Intraday expectation: Technically price should target weak internal high as price is currently the discount zone of 50% EQ with internal structure being bullish, however, we should be mindful that H4 remains in bearish pullback phase, therefore, I would not be surprised if price printed a bearish iBOS.
M15 Chart:
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