Khan_YIK

XAU/USD 15 May 2024 Intraday Analysis

OANDA:XAUUSD   Gold Spot / U.S. Dollar
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, which price did.

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.

Price did not pullback back into either discount of 50% EQ or H4 Demand level before continuing pro-swing which could potentially mean that price may need to pull back deeper to gain liquidity for a sustained bullish move.

Intraday expectation: Price to continue bullish and react at nested Daily and H4 supply levels.

H4 Chart:
M15 Analysis:

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

Price has printed a printed a bullish BOS and iBOS

After BOS we expect price to pullback.

Price is now in discount zone of 50% EQ and has reacted to M15 POI but is unable to sustain a bullish move. Buyers are expected to step in once in discount zone of 50% EQ, which has happened.

Intraday expectation dated 13 May 2024 was for price to react at M15 POI, discount zone of 50% EQ or H4 POI before targeting weak internal high where we saw a reaction.

Intraday expectation dated 14 May 2024 was for price to target weak internal which is denoted with a blue dashed line. This is currently underway.

Current Intraday expectation: Price to target weak internal high (denoted with blue dashed line) It is expected that price breaks and closes above blue dashed line which will mean an internal break of structure that will eventually lead to price pulling back from nested Daily and H4 supply levels.

M15 Chart: