Khan_YIK

XAU/USD 13-17 May 2024 Weekly Analysis

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Weekly Analysis:

Analysis/Bias remains the same as last week's weekly analysis dated 05 May 2024

-> Swing: Bullish.
-> Internal: Bullish.

Price printed a bullish swing BOS followed by a bullish iBOS and continues to break all time highs.

Most likely scenario would be for price to pull back following swing and internal 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 vertical blue dashed line as internal low as CHoCH are priced at the same level.

Price is now trading within a fractal high and internal low.

Expectation is for price to pullback following swing and internal pullback. Internal low and CHoCH are positioned at the same level.

Weekly Chart:
Daily Analysis:

-> Swing: Bullish.
-> Internal: Bullish.

Price has printed a bullish swing BOS. Swing low confirmed and adjusted with swing high yet to be established.

As previously mentioned most likely scenario will be for price to pull back following swing BOS. First indication, but not confirmation, would be a bearish CHOCH denoted with a vertical dotted line which price printed.

Price is currently reacting at a daily POI.

Expectation: Price to continue bearish, react at either discount of 50% EQ or Daily POI's before targeting weak internal high.

Daily Chart:
H4 Analysis:

-> Swing: Bullish.
-> Internal: Bullish.

Price has printed a bullish BOS.

After bullish BOS expectation is for price to pullback.

We have nested Daily and H4 supply levels where price is expected to initiate pullback.

CHoCH is positioned at quite a distance away from current price, therefore, there is a possibility price could engineer a CHoCH closer to current price to indicate initiation of pullback.

Previous intraday expectation dated 10 May 2024 was for price to continue bullish, react at nested Daily and H4 POI levels to start pullback phase which price is indicated as printing.

Intraday expectation: Price to continue bearish, react at discount of 50% EQ or H4 POI, both of which are closely positioned before targeting weak internal high.

H4 Chart: