XAU/USD 08 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: Bearish.
Yesterday's analysis (07 October 2024) mentioned the alternative scenario, where I noted that given the H4 timeframe appears to be in a bearish pullback phase, any bullish momentum would likely be short-lived, and price could potentially print a bearish iBOS.
Price has now printed a bearish iBOS, which was expected as the H4 timeframe remains in a bearish pullback phase.
Intraday Expectation: After the iBOS, we anticipate a pullback. CHoCH positioning is marked by a blue dotted line. Price could potentially print a new low, bringing CHoCH positioning closer to the current price. This has occurred whilst I was preparing analysis. CHoCH is now closer to current price action.
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: Bearish.
Yesterday's analysis (07 October 2024) mentioned the alternative scenario, where I noted that given the H4 timeframe appears to be in a bearish pullback phase, any bullish momentum would likely be short-lived, and price could potentially print a bearish iBOS.
Price has now printed a bearish iBOS, which was expected as the H4 timeframe remains in a bearish pullback phase.
Intraday Expectation: After the iBOS, we anticipate a pullback. CHoCH positioning is marked by a blue dotted line. Price could potentially print a new low, bringing CHoCH positioning closer to the current price. This has occurred whilst I was preparing analysis. CHoCH is now closer to current price action.
M15 Chart:
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