XAU/USD 06 May 2024 Intraday Analysis
H4 Analysis:
Analysis/bias remains the same as yesterday's analysis dated 12 May 2024.
-> Swing: Bearish.
-> Internal: Bearish.
Price has now printed a bearish BOS and iBOS as price needed a pullback from all HTF's
Following the shift in structure we now expect price to pullback. First indication, but not confirmation, of pullback initiation would be for price to print a bearish CHoCH which is denoted with a blue dashed line.
Price is currently reacting at H4 demand level.
Price remains in pullback phase and is now is discount of internal structure where it is expected the strong low to hold.
As per intraday expectation dated 06 April, price was to print bullish CHoCH, reach 50% of internal EQ before targeting weak internal low. Price did print bullish CHOCH and reach 50% EQ and targeted weak internal low, however, price was unable to close below.
Intraday expectation : From a structural perspective price to target weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has printed a printed a bearish iBOS as mentioned in yesterday's analysis dated 02 April 2024.
Price has pulled back and printed a bullish CHoCH which indicates initiation of pullback.
Price has twice reacted at premium of EQ, however, the move is not being sustained to target weak internal low with price consolidating in a sideways range.
Intraday expectation dated 3 May 2024 was for price to target weak internal low which price did, however, weak swing and internal low remained intact and price was unable to close below.
Intraday expectation: Due to the internal bearish structure of the market price is to once again target weak internal low.
M15 Chart:
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