XAU/USD 17-21 June 2024 Weekly Analysis
Weekly Analysis:
Analysis/Bias remain the same as last week's analysis dated 09 June 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 that pullback has initiated would be for price to print a bearish CHoCH which is denoted by a blue vertical dotted line.
Last week's expectation dated 02 June 2024 was for price to pullback following swing and internal pullback and print a bearish CHoCH.
The forthcoming week's expectation is for price to print a bearish CHoCH to indicate, but not confirm bearish pullback.
Weekly Chart:
Daily Analysis:
Analysis/Bias remain the same as last week's analysis dated 09 June 2024
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish swing BOS. Swing low confirmed and adjusted with swing high yet to be established.
Due to the news on 7 June 2024 whereby China halted reserves buying, Gold sold off, however, from a technical analysis perspective swing and internal structure remains bullish and we are in a Weekly and Daily pullback phase, which has been assisted by the news.
Expectation is for price to continue bearish, react at discount of internal or swing 50% EQ (swing is marked in black, internal is marked in blue) before targeting weak internal high which is denoted with a blue dashed line.
It would not be unrealistic if price continued bearish to the internal or swing low, react at daily demand level before targeting weak internal high.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price traded to the downside, however, price was unable to breach and close below weak internal low where we saw a reaction at a H4 demand level.
Nonetheless, internal structure remains bearish, therefore, price should technically target weak internal low.
Price could potentially continue to trade bullish, react at either premium of 50% EQ or H4 supply level before targeting weak internal low.
Strong swing low is expected to hold, however, it would be worth noting the swing low must be taken as the weekly and daily TF's are both in pullback phase.
Intraday expectation: Price to continue bullish, react at premium of 50% EQ or H4 POI before targeting weak internal low.
H4 Chart:
Analysis/Bias remain the same as last week's analysis dated 09 June 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 that pullback has initiated would be for price to print a bearish CHoCH which is denoted by a blue vertical dotted line.
Last week's expectation dated 02 June 2024 was for price to pullback following swing and internal pullback and print a bearish CHoCH.
The forthcoming week's expectation is for price to print a bearish CHoCH to indicate, but not confirm bearish pullback.
Weekly Chart:
Daily Analysis:
Analysis/Bias remain the same as last week's analysis dated 09 June 2024
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish swing BOS. Swing low confirmed and adjusted with swing high yet to be established.
Due to the news on 7 June 2024 whereby China halted reserves buying, Gold sold off, however, from a technical analysis perspective swing and internal structure remains bullish and we are in a Weekly and Daily pullback phase, which has been assisted by the news.
Expectation is for price to continue bearish, react at discount of internal or swing 50% EQ (swing is marked in black, internal is marked in blue) before targeting weak internal high which is denoted with a blue dashed line.
It would not be unrealistic if price continued bearish to the internal or swing low, react at daily demand level before targeting weak internal high.
Daily Chart:
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price traded to the downside, however, price was unable to breach and close below weak internal low where we saw a reaction at a H4 demand level.
Nonetheless, internal structure remains bearish, therefore, price should technically target weak internal low.
Price could potentially continue to trade bullish, react at either premium of 50% EQ or H4 supply level before targeting weak internal low.
Strong swing low is expected to hold, however, it would be worth noting the swing low must be taken as the weekly and daily TF's are both in pullback phase.
Intraday expectation: Price to continue bullish, react at premium of 50% EQ or H4 POI before targeting weak internal low.
H4 Chart:
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