XAU/USD 15-19 July 2024 Weekly Analysis
Weekly Analysis:
Analysis/Bias remains the same as last week's analysis dated 07 July 2024
-> Swing: Bullish.
-> Internal: Bullish.
Price printed a bullish internal iBOS followed by a bullish swing BOS.
Most likely scenario would be for price to pull back following bullish internal and swing BOS (Break Of Structure)
First structural indication, but not confirmation of pullback initiation would be for price to print a bearish CHoCH which is denoted by a blue vertical dotted line.
Price has been unable to print a bearish CHoCH and has reacted from premium 50% EQ of the internal low and fractal high.
Forthcoming week's expectation is for price to continue bullish, create a new high which would bring CHoCH closer to current price action allowing for price to indicate pullback initiation closer to current price action.
Weekly Chart:
Daily Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
As mentioned in last week's analysis dated 07 July 2024 that since bullish swing and internal break of structure price has not, as yet, pulled back in to discount of 50% EQ. Both of which swing and internal 50% EQ are located very close-by.
Please note, swing range has yet to be established.
I also mentioned that this could possibly be an indication that price needed more liquidity to fuel it's drive to the downside which failed after reacting from a daily demand zone.
This is precisely what occurred and price is now reacting at a daily demand zone and extreme of the 50% EQ of the internal structure , however, the current internal high is weak so price should, technically, target the weak internal high and print a bullish iBOS.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
As previously mentioned, following bullish iBOS, price did not pull back significantly enough to indicate bearish pullback initiation which could indicate that price is seeking further liquidity to initiate bearish pullback.
I also previously mentioned that price could also create a new high, higher than the current fractal high to bring CHoCH positioning closer to current price action and tap into daily supply zone.
This is precisely what occurred. Current position of CHOCH remains quite a distance away, therefore, in my opinion, the above remains valid.
I would expect price to print a higher high, which would bring CHoCH positioning closer to current price action.
Intraday expectation: price to print a higher high, which would bring CHoCH positioning closer to current price action to then initiate bearish pullback phase.
H4 Chart:
Analysis/Bias remains the same as last week's analysis dated 07 July 2024
-> Swing: Bullish.
-> Internal: Bullish.
Price printed a bullish internal iBOS followed by a bullish swing BOS.
Most likely scenario would be for price to pull back following bullish internal and swing BOS (Break Of Structure)
First structural indication, but not confirmation of pullback initiation would be for price to print a bearish CHoCH which is denoted by a blue vertical dotted line.
Price has been unable to print a bearish CHoCH and has reacted from premium 50% EQ of the internal low and fractal high.
Forthcoming week's expectation is for price to continue bullish, create a new high which would bring CHoCH closer to current price action allowing for price to indicate pullback initiation closer to current price action.
Weekly Chart:
Daily Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
As mentioned in last week's analysis dated 07 July 2024 that since bullish swing and internal break of structure price has not, as yet, pulled back in to discount of 50% EQ. Both of which swing and internal 50% EQ are located very close-by.
Please note, swing range has yet to be established.
I also mentioned that this could possibly be an indication that price needed more liquidity to fuel it's drive to the downside which failed after reacting from a daily demand zone.
This is precisely what occurred and price is now reacting at a daily demand zone and extreme of the 50% EQ of the internal structure , however, the current internal high is weak so price should, technically, target the weak internal high and print a bullish iBOS.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
As previously mentioned, following bullish iBOS, price did not pull back significantly enough to indicate bearish pullback initiation which could indicate that price is seeking further liquidity to initiate bearish pullback.
I also previously mentioned that price could also create a new high, higher than the current fractal high to bring CHoCH positioning closer to current price action and tap into daily supply zone.
This is precisely what occurred. Current position of CHOCH remains quite a distance away, therefore, in my opinion, the above remains valid.
I would expect price to print a higher high, which would bring CHoCH positioning closer to current price action.
Intraday expectation: price to print a higher high, which would bring CHoCH positioning closer to current price action to then initiate bearish pullback phase.
H4 Chart:
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