XAU/USD 10-14 June 2024 Weekly Analysis
Weekly Analysis:
-> 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:
-> 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.
Price has printed a bearish iBOS. The volatility and selloff on Friday 07 June 2024 was due to China announcing they have halted reserves buying.
We are now expecting price to pullback. Currently the CHoCH and internal high are positioned at the same level.
Price may continue bearish which would bring CHoCH closer to current price action.
Intraday expectation: Price to pullback to premium of 50% or H4 POI before targeting weak internal low.
Alternative scenario would be for price to continue bearish to reposition CHoCH closer to current price action.
H4 Chart:
-> 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:
-> 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.
Price has printed a bearish iBOS. The volatility and selloff on Friday 07 June 2024 was due to China announcing they have halted reserves buying.
We are now expecting price to pullback. Currently the CHoCH and internal high are positioned at the same level.
Price may continue bearish which would bring CHoCH closer to current price action.
Intraday expectation: Price to pullback to premium of 50% or H4 POI before targeting weak internal low.
Alternative scenario would be for price to continue bearish to reposition CHoCH closer to current price action.
H4 Chart:
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