Khan_YIK

XAU/USD 16 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.

As previously mentioned, CHoCH was positioned at quite a distance away from current price, therefore, there was a possibility price could engineer a CHoCH closer to current price to indicate initiation of pullback. Price has did this.

We are again seeing a reaction to nested Daily and H4 supply levels where price could pull back deeper.

Yesterday's intraday expectation was for price to continue bullish and react at nested Daily and H4 supply levels which price did.

Current intraday expectation: Price has reacted at nested Daily and H4 demand where it is expected that price will pull back to discount of 50% EQ or H4 demand levels.

H4 Chart:
M15 Analysis:

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

Price has printed a bullish iBOS.

After iBOS price is expected to pull back.

First indication, but not confirmation of pullback initiation is for price to print a bearish CHoCH. Price has printed this which is denoted with a blue dotted line.

Intraday expectation: Price to pullback to discount of 50% EQ or M15 supply level, possibly as deep as H4 supply level before targeting weak internal high which is denoted with a blue dashed line.

M15 Chart: