XAU/USD 05 November 2024 Intraday Analysis
H4 Analysis:
Analysis/bias remains the same as analysis dated 31 October 2024
-> Swing: Bullish.
-> Internal: Bullish.
Gold’s rally persists, driven by the Fed’s dovish stance and heightened geopolitical tensions, strengthening its safe-haven appeal.
Price has recently printed higher highs, bringing CHoCH positioning significantly closer to current price level. A bearish CHoCH has printed, signaling the first indication, though not a confirmation, of a potential bearish pullback phase initiation.
Price is now trading within an established internal range.
Intraday Expectation: Price is expected to continue bearish, potentially reacting at the H4 demand zone or the discount of the H4 internal 50% EQ before targeting the weak internal high.
We should however remain mindful that Daily TF is showing very early signs of bearish pullback phase initiation. Therefore, price could potentially print a bearish iBOS.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
As highlighted in yesterday's intraday analysis dated 04 November 2024, I mentioned that price was expected to continue targeting the weak internal low.
Price followed this expectation, reaching the weak internal low and printing a bearish iBOS.
Subsequently, price has printed a bullish CHoCH, indicating the initiation of a bullish pullback phase. Internal structure has also been confirmed.
Intraday Expectation: Price is expected to react at either premium of the 50% EQ or the M15 supply level before targeting weak internal low.
M15 Chart:
Analysis/bias remains the same as analysis dated 31 October 2024
-> Swing: Bullish.
-> Internal: Bullish.
Gold’s rally persists, driven by the Fed’s dovish stance and heightened geopolitical tensions, strengthening its safe-haven appeal.
Price has recently printed higher highs, bringing CHoCH positioning significantly closer to current price level. A bearish CHoCH has printed, signaling the first indication, though not a confirmation, of a potential bearish pullback phase initiation.
Price is now trading within an established internal range.
Intraday Expectation: Price is expected to continue bearish, potentially reacting at the H4 demand zone or the discount of the H4 internal 50% EQ before targeting the weak internal high.
We should however remain mindful that Daily TF is showing very early signs of bearish pullback phase initiation. Therefore, price could potentially print a bearish iBOS.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
As highlighted in yesterday's intraday analysis dated 04 November 2024, I mentioned that price was expected to continue targeting the weak internal low.
Price followed this expectation, reaching the weak internal low and printing a bearish iBOS.
Subsequently, price has printed a bullish CHoCH, indicating the initiation of a bullish pullback phase. Internal structure has also been confirmed.
Intraday Expectation: Price is expected to react at either premium of the 50% EQ or the M15 supply level before targeting weak internal low.
M15 Chart:
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