XAU/USD 02 August 2024 Intraday Analysis
H4 Analysis:
Analysis/Bias remains the same as yesterday's analysis dated 31 July 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a swing BOS, printing an all time high.
After BOS/iBOS price is expected to pullback.
Last analysis and intraday expectation was for price to pull back into discount of 50% EQ or H4 demand zone before targeting weak internal high which currently seems underway, therefore, intraday expectation remains the same.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has now printed a bullish iBOS aligning itself with swing structure.
Price has reacted at H4 supply level to possibly initiate bearish pullback phase.
CHoCH line is denoted with a blue dotted line with price yet to print bearish CHoCH to indicate bearish pullback phase initiation.
Intraday expectation: Price to print bearish CHoCH, trade down to either discount of 50% EQ or M15 demand levels before targeting weak internal high.
Alternative scenario: Price to continue bullish to reposition CHOCH closer to current price action. To then trade down to discount of 50% EQ or M15 demand levels before targeting weak internal high.
M15 Chart:
Analysis/Bias remains the same as yesterday's analysis dated 31 July 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a swing BOS, printing an all time high.
After BOS/iBOS price is expected to pullback.
Last analysis and intraday expectation was for price to pull back into discount of 50% EQ or H4 demand zone before targeting weak internal high which currently seems underway, therefore, intraday expectation remains the same.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has now printed a bullish iBOS aligning itself with swing structure.
Price has reacted at H4 supply level to possibly initiate bearish pullback phase.
CHoCH line is denoted with a blue dotted line with price yet to print bearish CHoCH to indicate bearish pullback phase initiation.
Intraday expectation: Price to print bearish CHoCH, trade down to either discount of 50% EQ or M15 demand levels before targeting weak internal high.
Alternative scenario: Price to continue bullish to reposition CHOCH closer to current price action. To then trade down to discount of 50% EQ or M15 demand levels before targeting weak internal high.
M15 Chart:
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