In the 15-minute timeframe, gold price rebounded from the $4,045 support zone, starting a corrective bullish move. This upward correction retraced a portion of the previous bearish leg and reached the $4,134–$4,137 supply area — a region that coincides with an Order Block and the 78% Fibonacci retracement level.
Market Structure
After breaking the previous bearish structure, the price formed a new Higher High (HH) but reacted sharply from the supply zone. Sellers entered the market, pushing the price down toward the $4,100–$4,105 demand area, which also aligns with the 50% Fibonacci retracement of the latest bullish wave.
Key Zones
Supply Zone: $4,134 – $4,137
(Main resistance area where sellers may re-enter)
Demand Zone: $4,100 – $4,105
(Short-term support and potential buy area)
Secondary Support: $4,080
(If demand breaks, the next bearish target lies here)
Possible Scenarios
Currently, gold is ranging between the supply and demand zones. If buyers manage to defend the $4,100 support, a bullish move toward $4,135 could follow, and a breakout above it might extend the rally to $4,145–$4,150.
However, if a strong candle closes below $4,100, the short-term bullish structure will be invalidated, increasing the probability of a drop toward $4,080.
Conclusion
Gold remains in a corrective phase for now. Given the sellers’ reaction from the supply zone, it’s better to wait for a clear breakout from either key level before confirming the next trend direction. Intraday traders can look for price action confirmations within these zones for short-term entries.
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