XAU/USD 03-07 June 2024 Weekly Analysis
Weekly Analysis:
-> 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 blue vertical dotted line.
Should this week's candle print the same as last week, price would have printed a bearish CHoCH which indicates, but not confirms, weekly pullback initiation.
Expectation is for price to pullback following swing and internal pullback and print a bearish CHoCH.
Weekly Chart:
Daily Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish swing BOS. Swing low confirmed and adjusted with swing high yet to be established.
As previously mentioned, 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 which price printed.
Price has now printed a bearish CHoCH which is an indication, but not confirmation of pullback initiation.
As mentioned on 24 May 2024, price had wicked above Daily supply zone but was unable to close. This could indicate the possibility of a liquidity grab to drive price bearish to initiate pullback. This happened to be the case.
As mentioned on 26 May 2024, price could react to a Daily demand zone, which price is currently reacting to. However, the demand zone is not positioned well as it is in the premium of 50% EQ.
Price could potentially target the weak internal high which is denoted with a blue dashed line.
An alternative scenario is for price to continue bearish, react at discount zone of 50% EQ before targeting weak internal high.
Daily Chart:
H4 Analysis:
Analysis/Bias remains unchanged from last week's analysis dated 31 May 2024.
Additional comment is that price has done almost exactly as scenario two of my analysis of last week.
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish BOS.
After bullish BOS, expectation is for price to pullback.
As previously mentioned, price was showing very early signs of pullback, however, we did not have indication or confirmation.
I also previously mentioned that first indication, but not confirmation, would be for price to print a bearish CHoCH. The CHoCH line is denoted with a blue dotted line.
Price has printed a bearish CHoCH which indicates, but not confirms pullback initiation.
As previously mentioned, if price cannot sustain its bullish momentum, it may seek to mitigate the H4 demand zone below.
Price was failing to break above discount of 50% EQ which could indicate the bulls are losing control momentarily or seeking further liquidity.
As previously mentioned, I have started to map internal structure to gain a better understanding of price action.
I mentioned that the blue dotted line will indicate an internal bearish CHoCH as price may pull back deeper to the extreme of the H4 swing low structure which is marked with a blue solid vertical line. Price has now printed a bearish CHoCH with price currently being contained within an internal range.
Black EQ marked 0.5 is swing range. Blue EQ marked 0.5 is internal range.
Intraday expectation: Scenario one: Price to continue bullish to target weak internal high which is denoted with a blue dashed line.
Scenario two: Price to continue bearish and react at H4 POI below to then target weak internal high which is denoted with a blue dashed line.
H4 Chart:
-> 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 blue vertical dotted line.
Should this week's candle print the same as last week, price would have printed a bearish CHoCH which indicates, but not confirms, weekly pullback initiation.
Expectation is for price to pullback following swing and internal pullback and print a bearish CHoCH.
Weekly Chart:
Daily Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish swing BOS. Swing low confirmed and adjusted with swing high yet to be established.
As previously mentioned, 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 which price printed.
Price has now printed a bearish CHoCH which is an indication, but not confirmation of pullback initiation.
As mentioned on 24 May 2024, price had wicked above Daily supply zone but was unable to close. This could indicate the possibility of a liquidity grab to drive price bearish to initiate pullback. This happened to be the case.
As mentioned on 26 May 2024, price could react to a Daily demand zone, which price is currently reacting to. However, the demand zone is not positioned well as it is in the premium of 50% EQ.
Price could potentially target the weak internal high which is denoted with a blue dashed line.
An alternative scenario is for price to continue bearish, react at discount zone of 50% EQ before targeting weak internal high.
Daily Chart:
H4 Analysis:
Analysis/Bias remains unchanged from last week's analysis dated 31 May 2024.
Additional comment is that price has done almost exactly as scenario two of my analysis of last week.
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish BOS.
After bullish BOS, expectation is for price to pullback.
As previously mentioned, price was showing very early signs of pullback, however, we did not have indication or confirmation.
I also previously mentioned that first indication, but not confirmation, would be for price to print a bearish CHoCH. The CHoCH line is denoted with a blue dotted line.
Price has printed a bearish CHoCH which indicates, but not confirms pullback initiation.
As previously mentioned, if price cannot sustain its bullish momentum, it may seek to mitigate the H4 demand zone below.
Price was failing to break above discount of 50% EQ which could indicate the bulls are losing control momentarily or seeking further liquidity.
As previously mentioned, I have started to map internal structure to gain a better understanding of price action.
I mentioned that the blue dotted line will indicate an internal bearish CHoCH as price may pull back deeper to the extreme of the H4 swing low structure which is marked with a blue solid vertical line. Price has now printed a bearish CHoCH with price currently being contained within an internal range.
Black EQ marked 0.5 is swing range. Blue EQ marked 0.5 is internal range.
Intraday expectation: Scenario one: Price to continue bullish to target weak internal high which is denoted with a blue dashed line.
Scenario two: Price to continue bearish and react at H4 POI below to then target weak internal high which is denoted with a blue dashed line.
H4 Chart:
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