XAU/USD 05 June 2024 Intraday Analysis
H4 Analysis:
Analysis/bias remains the same as yesterdays analysis dated 04 June 2024
-> Swing: Bullish.
-> Internal: Bearish.
Price has continued bullish indicating that bullish pullback phase is incomplete.
Internal structure remains bearish until strong internal high is taken out.
Intraday expectation: Price to react at 50% EQ of the swing structure, which is indicated in black or H4 supply levels before targeting weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price printed as per yesterday's intraday expectation and printed a further bullish iBOS where price targeted the weak internal high.
Bearish CHoCH has been printed which indicates bearish pullback initiation.
Intraday expectation: Internal structure is bullish, therefore, price to react at either discount zone of 50% EQ or M15 demand zone before targeting weak internal high.
Alternative scenario is price to target strong internal low as we need to be mindful that H4 is in bearish pullback phase and we are showing reaction from H4 supply zone.
M15 Chart:
Analysis/bias remains the same as yesterdays analysis dated 04 June 2024
-> Swing: Bullish.
-> Internal: Bearish.
Price has continued bullish indicating that bullish pullback phase is incomplete.
Internal structure remains bearish until strong internal high is taken out.
Intraday expectation: Price to react at 50% EQ of the swing structure, which is indicated in black or H4 supply levels before targeting weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price printed as per yesterday's intraday expectation and printed a further bullish iBOS where price targeted the weak internal high.
Bearish CHoCH has been printed which indicates bearish pullback initiation.
Intraday expectation: Internal structure is bullish, therefore, price to react at either discount zone of 50% EQ or M15 demand zone before targeting weak internal high.
Alternative scenario is price to target strong internal low as we need to be mindful that H4 is in bearish pullback phase and we are showing reaction from H4 supply zone.
M15 Chart:
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