XAU/USD 29 April-03 May 2024 Weekly Analysis
Weekly Analysis:
Analysis/Bias remains the same as last week's weekly analysis dated 28 April 2024
-> 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.
Weekly Chart:
Daily Analysis:
Price was unable to print higher highs .
As per last week's analysis, CHoCH had repositioned closer to most recent price action. This was advantageous due to the fact that price did not need to retrace much deeper to initiate pullback.
Price eventually printed a bearish CHoCH which indicates, but does not confirm pullback initiation.
Remainder of analysis/bias remains unchanged since last daily analysis dated 21 April 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a swing BOS. Swing low confirmed and adjusted with swing high yet to be established.
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.
As mentioned on 31 March 2024, price could potentially continue to trade bullish to seek further liquidity before pullback, however, it is looking increasingly likely a pullback will be imminent.
Daily chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has now printed a bullish iBOS aligned with swing structure.
Following the bullish iBOS we expect price to pullback.
As per Intraday expectation dated 26 April 2024 was for price pullback to either 50% EQ before targeting weak internal high, which was as per expectation.
Intraday expectation: Price has yet to confirm pullback initiation. First indication, but not confirmation would be for price to print bearish iBOS. This would in-turn confirm internal structure.
H4 Chart:
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