XAU/USD 01-05 July 2024 Weekly Analysis
Weekly Analysis:
Analysis/Bias remain the same as last week's analysis dated 23 June 2024
-> Swing: Bullish.
-> Internal: Bullish.
Price printed a bullish internal iBOS followed by a bullish swing BOS
Most likely scenario would be for price to pull back following bullish internal and swing 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 blue vertical dotted line.
Last week's expectation dated 02 June 2024 was for price to pullback following swing and internal pullback and print a bearish CHoCH.
The forthcoming week's expectation is for price to print a bearish CHoCH to indicate, but not confirm bearish pullback.
Weekly Chart:
Daily Analysis:
Analysis/Bias remain the same as last week's analysis dated 23 June 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish swing BOS. Swing low confirmed and adjusted with swing high yet to be established.
Due to the news on 7 June 2024 whereby China halted reserves buying, Gold sold off, however, from a technical analysis perspective swing and internal structure remains bullish and we are in a Weekly and Daily pullback phase, which has been assisted by the news.
Expectation is for price to continue bearish, react at discount of internal or swing 50% EQ (swing is marked in black, internal is marked in blue) before targeting weak internal high which is denoted with a blue dashed line.
It would not be unrealistic if price continued bearish to the internal or swing low, react at daily demand level before targeting weak internal high.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
As previously mentioned, price reacted at 50% EQ of the internal range to target weak internal low, however, price was unable to close below internal low due to H4 demand zone.
Nonetheless, internal structure remains bearish until strong internal high is taken out.
Price is once again showing reaction to premium of 50% EQ.
Intraday expectation: Price to once again target weak internal low.
H4 Chart:
Analysis/Bias remain the same as last week's analysis dated 23 June 2024
-> Swing: Bullish.
-> Internal: Bullish.
Price printed a bullish internal iBOS followed by a bullish swing BOS
Most likely scenario would be for price to pull back following bullish internal and swing 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 blue vertical dotted line.
Last week's expectation dated 02 June 2024 was for price to pullback following swing and internal pullback and print a bearish CHoCH.
The forthcoming week's expectation is for price to print a bearish CHoCH to indicate, but not confirm bearish pullback.
Weekly Chart:
Daily Analysis:
Analysis/Bias remain the same as last week's analysis dated 23 June 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish swing BOS. Swing low confirmed and adjusted with swing high yet to be established.
Due to the news on 7 June 2024 whereby China halted reserves buying, Gold sold off, however, from a technical analysis perspective swing and internal structure remains bullish and we are in a Weekly and Daily pullback phase, which has been assisted by the news.
Expectation is for price to continue bearish, react at discount of internal or swing 50% EQ (swing is marked in black, internal is marked in blue) before targeting weak internal high which is denoted with a blue dashed line.
It would not be unrealistic if price continued bearish to the internal or swing low, react at daily demand level before targeting weak internal high.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
As previously mentioned, price reacted at 50% EQ of the internal range to target weak internal low, however, price was unable to close below internal low due to H4 demand zone.
Nonetheless, internal structure remains bearish until strong internal high is taken out.
Price is once again showing reaction to premium of 50% EQ.
Intraday expectation: Price to once again target weak internal low.
H4 Chart:
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