XAU/USD 07 October 2024 Intraday Analysis
H4 Analysis:
Analysis/bias remains the same as yesterday's analysis dated 06 October 2024.
-> Swing: Bullish.
-> Internal: Bearish.
Bearish swing pullback phase has been confirmed by the first bearish Internal Break of Structure (iBOS), which has established the current swing range. Currently, price is trading between the swing high and internal low.
Following second bearish iBOS price printed a bullish Change of Character (CHoCH), suggesting but not confirming the initiation of a bullish pullback phase.
Price reacted from the premium zone above the 50% internal equilibrium (EQ). Although the weak internal low was targeted, price was unable to close below it after reacting from an H4 demand zone.
Intraday Expectation: Price is expected to target weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Following a bullish iBOS, price has been highly volatile but remains contained within the internal range.
Price has wicked both above and below the internal range without any candle closures.
Intraday Expectation: Technically, price is expected to target the weak internal high. Price has attempted to reach the weak internal high but has failed to close above.
Alternative Scenario: Given that the H4 timeframe appears to be in a bearish pullback phase, any bullish momentum is likely to be short-lived. Price could potentially print a bearish iBOS.
M15 Chart:
Analysis/bias remains the same as yesterday's analysis dated 06 October 2024.
-> Swing: Bullish.
-> Internal: Bearish.
Bearish swing pullback phase has been confirmed by the first bearish Internal Break of Structure (iBOS), which has established the current swing range. Currently, price is trading between the swing high and internal low.
Following second bearish iBOS price printed a bullish Change of Character (CHoCH), suggesting but not confirming the initiation of a bullish pullback phase.
Price reacted from the premium zone above the 50% internal equilibrium (EQ). Although the weak internal low was targeted, price was unable to close below it after reacting from an H4 demand zone.
Intraday Expectation: Price is expected to target weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Following a bullish iBOS, price has been highly volatile but remains contained within the internal range.
Price has wicked both above and below the internal range without any candle closures.
Intraday Expectation: Technically, price is expected to target the weak internal high. Price has attempted to reach the weak internal high but has failed to close above.
Alternative Scenario: Given that the H4 timeframe appears to be in a bearish pullback phase, any bullish momentum is likely to be short-lived. Price could potentially print a bearish iBOS.
M15 Chart:
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