XAU/USD 03 June 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has continued bullish indicating that bullish pullback phase is incomplete.
Internal structure remains bearish until strong internal high is taken out.
Intraday expectation: Price to react at 50% EQ of the swing structure, which is indicated in black or H4 supply levels before targeting weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price again printed, as per yesterday's intraday expectation, targeted the weak internal high and printed a further bullish iBOS.
After an iBOS we expect a pullback which seems to be currently underway.
Bearish CHoCH will indicate, but not confirm bearish pullback initiation which is marked with a blue dotted line.
50% EQ, M15 demand and Bearish CHoCH are all positioned closely.
Intraday expectation: Internal structure is bullish, therefore, price to react at either discount of 50% EQ or M15 demand zone before targeting weak internal high.
Alternative scenario is price to target strong internal low as we need to be mindful that H4 is in bearish pullback phase.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bearish.
Price has continued bullish indicating that bullish pullback phase is incomplete.
Internal structure remains bearish until strong internal high is taken out.
Intraday expectation: Price to react at 50% EQ of the swing structure, which is indicated in black or H4 supply levels before targeting weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price again printed, as per yesterday's intraday expectation, targeted the weak internal high and printed a further bullish iBOS.
After an iBOS we expect a pullback which seems to be currently underway.
Bearish CHoCH will indicate, but not confirm bearish pullback initiation which is marked with a blue dotted line.
50% EQ, M15 demand and Bearish CHoCH are all positioned closely.
Intraday expectation: Internal structure is bullish, therefore, price to react at either discount of 50% EQ or M15 demand zone before targeting weak internal high.
Alternative scenario is price to target strong internal low as we need to be mindful that H4 is in bearish pullback phase.
M15 Chart:
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