Current Structure:
- Price: ∼4,134.68, dropping after rejecting from the 4,190 area
- Trend: Bearish short-term. Lower highs since the 4,195 top. Price broke the minor support at ∼4,140 and is testing the next zone
Key Levels from your chart:
- Immediate support: 4,122 - 4,114 zone. That grey box you marked. If this breaks, next stop is the demand zone below
- Strong demand zone: 4,105 - 4,090. You’ve got it marked with the red lines. This is a major 1H order block. Lots of confluence there
- Lower support: 4,071 - 4,058 zone if 4,090 fails
- Resistance: 4,150 - 4,160 now. The black line you drew at ∼4,140 was old support, now resistance
What’s happening:
Gold had a strong push up to 4,195 last week, then got rejected hard. Now sellers are in control on 1H. Price is sliding towards your marked demand zone at 4,105 - 4,090. That’s the level to watch.
Scenarios:
1. Bullish: If 4,105 - 4,090 holds with strong green candles wick rejections, we could see a bounce back to 4,140 then 4,160. That zone is a likely buy area
2. Bearish: If we get a clean 1H close below 4,090, next target is 4,071 and then 4,058. Trend continuation down
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