XAU/USD 17 May 2024 Intraday AnalysisH4 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.
I previously commented that price to continue bullish and react at nested Daily and H4 supply levels, which price did.
Intraday expectation: Price is reacting 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.
Yesterday's (16 May 2024) Intraday expectation was for 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.
Price did not pullback into either zone and reacted close to 50% EQ reacting at premium EQ.
Intraday Expectation: Price to continue bearish, react at either M15 demand zone, discount zone of 50% EQ before targeting weak internal high which is denoted with a blue dashed line.
It would not be unrealistic for price to pull back as deep as the H4 demand zone before targeting weak internal high.
Trade idea would only be invalidated if price breaks and closes above weak internal high, which is the blue dashed line.
M15 Chart:
