XAU/USD 16 April 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price remains contained within an internal range where we saw a reaction from H4 supply with price unable to close below strong internal low.
Price has also reacted to H4 demand where we are currently seeing a reaction.
Current intraday expectation is for price to react at H4 supply level to target weak internal high.
Alternative scenario could be for the price breach and close below internal low as all HTF's require a pullback.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish iBOS followed by a bearish CHoCH which indicates bearish pullback is underway
Current intraday expectation would be for price react at 50% EQ or H4, M15 nested POI before targeting weak internal high.
Alternative potential scenario would be for price to target, and close below strong internal low as all HTF's require a pullback.
M15 Chart:
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