XAU/USD 05 April 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Gold continues it's bullish run following the Fed's dovish outlook.
Price has printed further highs since yesterday's highs (04-04-2024) where we continue to trade within a fractal high and internal low.
As mentioned on 22/03/2024, Intraday expectation was for price to react H4 POI to then target fractal high, which price did, creating a new highs and still remains the case.
Due to the bullish nature of the market and prices at all time highs, the most prudent approach would be to adopt patience and allow price to print structure as opposed to picking tops.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a further bullish iBOS where it continues to print all time highs.
Price is trading within internal low and fractal high.
First structural sign, but not confirmation that pullback has initiated is a bearish CHoCH, which is denoted by a blue dotted line.
Yesterday's intraday expectation was met again.
Intraday expectation would be for price to pull back following bullish iBOS, react at either M15 POI or 50% EQ of the internal structure before price targets weak internal high.
Another likely scenario, and due to the fact that all HTF's need to pull back, is price prints a bearish iBOS on M15 which would mean first structural indication (CHoCH) on H4 that pullback is about to initiate.
M15 Chart:
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