XAU/USD 05 November 2024 Intraday Analysis

H4 Analysis:

Analysis/bias remains the same as analysis dated 31 October 2024

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

Gold’s rally persists, driven by the Fed’s dovish stance and heightened geopolitical tensions, strengthening its safe-haven appeal.

Price has recently printed higher highs, bringing CHoCH positioning significantly closer to current price level. A bearish CHoCH has printed, signaling the first indication, though not a confirmation, of a potential bearish pullback phase initiation.

Price is now trading within an established internal range.

Intraday Expectation: Price is expected to continue bearish, potentially reacting at the H4 demand zone or the discount of the H4 internal 50% EQ before targeting the weak internal high.

We should however remain mindful that Daily TF is showing very early signs of bearish pullback phase initiation. Therefore, price could potentially print a bearish iBOS.

H4 Chart: 快照

M15 Analysis:

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

As highlighted in yesterday's intraday analysis dated 04 November 2024, I mentioned that price was expected to continue targeting the weak internal low.

Price followed this expectation, reaching the weak internal low and printing a bearish iBOS.

Subsequently, price has printed a bullish CHoCH, indicating the initiation of a bullish pullback phase. Internal structure has also been confirmed.

Intraday Expectation: Price is expected to react at either premium of the 50% EQ or the M15 supply level before targeting weak internal low.

M15 Chart: 快照
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