Hi!
Gold has completed a head and shoulders structure after a strong impulsive move up. Price is now reacting near an important weekly support zone, which also aligns with a local S&D area, a place where buyers are expected to step in.
Market structure:
Overall trend is still bullish, supported by the rising trendline
Current move looks more like a correction than a full reversal
The marked flip area acted well as support before the last impulse
Scenarios:
Bullish reaction: If buyers defend the weekly support and S&D zone, price can bounce back toward 4,600 – 4,620 as the first upside target
Deeper pullback: A clean break below the support may send the price toward the rising trendline around 4,500 – 4,480, where a stronger reaction is expected
For now, this is a decision zone. The reaction at support will likely define the next short-term direction.
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