XAU/USD 12-16 August 2024 Weekly Analysis
Weekly Analysis:
Swing Structure: Bullish.
Internal Structure: Bullish.
Price has, as yet, failed to indicate bearish pullback following bullish bullish BOS and iBOS.
The first indication of pullback will be for price to print a bearish CHoCH which is denoted with a blue dotted line.
However, price could print further highs which would bring CHOCH positioning closer to current price.
Weekly Chart:
Daily Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish iBOS.
Price indicated bearish pullback phase initiation once it printed a bearish CHoCH.
Price then continued bearish, reacting at discount of internal 50% EQ denoted in blue.
Price has, once again, almost precisely reacted at 50% EQ of the internal structure, therefore, technically price should target weak internal high.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Following price printing bullish BOS price pulled back to discount of 50% EQ before targeting weak internal high.
As previously mentioned, bullish momentum and pro swing/internal structure was unable to break and close above weak internal high, which could be an early indication that bearish pullback phase is incomplete and price will seek further liquidity before targeting weak internal high. This is what price printed according to my analysis.
Intraday expectation: Price has reacted at an H4 demand level, therefore, price to target weak internal high.
H4 Chart:
Swing Structure: Bullish.
Internal Structure: Bullish.
Price has, as yet, failed to indicate bearish pullback following bullish bullish BOS and iBOS.
The first indication of pullback will be for price to print a bearish CHoCH which is denoted with a blue dotted line.
However, price could print further highs which would bring CHOCH positioning closer to current price.
Weekly Chart:
Daily Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish iBOS.
Price indicated bearish pullback phase initiation once it printed a bearish CHoCH.
Price then continued bearish, reacting at discount of internal 50% EQ denoted in blue.
Price has, once again, almost precisely reacted at 50% EQ of the internal structure, therefore, technically price should target weak internal high.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Following price printing bullish BOS price pulled back to discount of 50% EQ before targeting weak internal high.
As previously mentioned, bullish momentum and pro swing/internal structure was unable to break and close above weak internal high, which could be an early indication that bearish pullback phase is incomplete and price will seek further liquidity before targeting weak internal high. This is what price printed according to my analysis.
Intraday expectation: Price has reacted at an H4 demand level, therefore, price to target weak internal high.
H4 Chart:
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