XAU/USD 20-24 May 2024 Weekly Analysis
Weekly Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price printed a bullish swing BOS followed by a bullish iBOS and continues to break all time highs.
Most likely scenario would be for price to pull back following swing and internal BOS (Break Of Structure)
First structural indication, but not confirmation that pullback has initiated would be for price to print a bearish CHoCH which is denoted by a vertical blue dashed line as internal low as CHoCH are priced at the same level.
Price is now trading within a fractal high and internal low.
Expectation is for price to pullback following swing and internal pullback. Internal low and CHoCH are positioned at the same level.
It is also reasonable to expect price to continue bullish, bringing ChOCH closer to the current price action to initiate pullback.
Weekly Chart:
Daily Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish swing BOS. Swing low confirmed and adjusted with swing high yet to be established.
As previously mentioned most likely scenario will be for price to pull back following swing BOS. First indication, but not confirmation, would be a bearish CHOCH denoted with a vertical dotted line which price printed.
Price is currently reacting at a daily POI.
Previous expectation was for price to continue bearish, react at either discount of 50% EQ or Daily POI's before targeting weak internal high.
Price has not shown any indication of pullback initiation and continues bullish.
Price has wicked above Daily supply zone but was unable to close. This could indicate the possibility of a liquidity grab to drive price bearish to initiate pullback.
Alternative scenario: Price to continue bullish, print iBOS (Internal Break of Structure) to then initiate pullback after iBOS.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish BOS.
After bullish BOS, expectation is for price to pullback.
We have nested Daily and H4 supply levels where price is expected to initiate pullback, which price did.
As previously mentioned, CHoCH was positioned at quite a distance away from current price, therefore, there was a possibility price could engineer a CHoCH closer to current price to indicate initiation of pullback. Price has did this.
We are again seeing a reaction to nested Daily and H4 supply levels where price could pull back deeper.
I previously commented that price to continue bullish and react at nested Daily and H4 supply levels, which price did.
Previous intraday expectation was for price to react at nested Daily and H4 demand where it is expected that price will pull back to discount of 50% EQ or H4 demand levels.
Price has reacted deep in to Daily and H4 supply levels but unable to close above.
The wicking up and closing below could potentially mean a liquidity grab so price can initiate pullback as CHoCH has now been repositioned even closer (than previous) to current price action.
H4 Chart:
-> Swing: Bullish.
-> Internal: Bullish.
Price printed a bullish swing BOS followed by a bullish iBOS and continues to break all time highs.
Most likely scenario would be for price to pull back following swing and internal BOS (Break Of Structure)
First structural indication, but not confirmation that pullback has initiated would be for price to print a bearish CHoCH which is denoted by a vertical blue dashed line as internal low as CHoCH are priced at the same level.
Price is now trading within a fractal high and internal low.
Expectation is for price to pullback following swing and internal pullback. Internal low and CHoCH are positioned at the same level.
It is also reasonable to expect price to continue bullish, bringing ChOCH closer to the current price action to initiate pullback.
Weekly Chart:
Daily Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish swing BOS. Swing low confirmed and adjusted with swing high yet to be established.
As previously mentioned most likely scenario will be for price to pull back following swing BOS. First indication, but not confirmation, would be a bearish CHOCH denoted with a vertical dotted line which price printed.
Price is currently reacting at a daily POI.
Previous expectation was for price to continue bearish, react at either discount of 50% EQ or Daily POI's before targeting weak internal high.
Price has not shown any indication of pullback initiation and continues bullish.
Price has wicked above Daily supply zone but was unable to close. This could indicate the possibility of a liquidity grab to drive price bearish to initiate pullback.
Alternative scenario: Price to continue bullish, print iBOS (Internal Break of Structure) to then initiate pullback after iBOS.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish BOS.
After bullish BOS, expectation is for price to pullback.
We have nested Daily and H4 supply levels where price is expected to initiate pullback, which price did.
As previously mentioned, CHoCH was positioned at quite a distance away from current price, therefore, there was a possibility price could engineer a CHoCH closer to current price to indicate initiation of pullback. Price has did this.
We are again seeing a reaction to nested Daily and H4 supply levels where price could pull back deeper.
I previously commented that price to continue bullish and react at nested Daily and H4 supply levels, which price did.
Previous intraday expectation was for price to react at nested Daily and H4 demand where it is expected that price will pull back to discount of 50% EQ or H4 demand levels.
Price has reacted deep in to Daily and H4 supply levels but unable to close above.
The wicking up and closing below could potentially mean a liquidity grab so price can initiate pullback as CHoCH has now been repositioned even closer (than previous) to current price action.
H4 Chart:
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