XAU/USD 08 June 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has continued bullish and printed a bullish iBOS aligning itself with swing structure.
Price has evidently begun to pullback following bullish iBOS without mitigating daily supply zone which would question if price has the liquidity to 'fuel' it's drive down.
It would be prudent to stand aside and allow price to confirm it's intention.
Intraday expectation: According to current price action, price to pullback to either discount of 50% EQ or H4 demand zone before targeting weak internal high. However, I would personally stand aside and allow price to confirm it's intention.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has been fairly erratic printing small range bullish iBOS' followed by small range IBOS'.
Whilst range sizes are smaller than previous iBOS' and could be open to interpretation with reference to recent price action, I will keep the process mechanical.
Price is currently trading between an internal high and fractal low.
Bullish CHoCH lined is denoted with the blue dotted line, which is positioned close to M15 supply zone.
Intraday expectation: Price to continue bearish, which would reposition CHoCH closer to current price action. Bearish iBOS has been printed, therefore, a pullback will be required to either premium of 50% EQ or M15 supply zone before targeting weak internal low.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bullish.
Price has continued bullish and printed a bullish iBOS aligning itself with swing structure.
Price has evidently begun to pullback following bullish iBOS without mitigating daily supply zone which would question if price has the liquidity to 'fuel' it's drive down.
It would be prudent to stand aside and allow price to confirm it's intention.
Intraday expectation: According to current price action, price to pullback to either discount of 50% EQ or H4 demand zone before targeting weak internal high. However, I would personally stand aside and allow price to confirm it's intention.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has been fairly erratic printing small range bullish iBOS' followed by small range IBOS'.
Whilst range sizes are smaller than previous iBOS' and could be open to interpretation with reference to recent price action, I will keep the process mechanical.
Price is currently trading between an internal high and fractal low.
Bullish CHoCH lined is denoted with the blue dotted line, which is positioned close to M15 supply zone.
Intraday expectation: Price to continue bearish, which would reposition CHoCH closer to current price action. Bearish iBOS has been printed, therefore, a pullback will be required to either premium of 50% EQ or M15 supply zone before targeting weak internal low.
M15 Chart:
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