Don’t Trust This Gold Bounce YetGoldOANDA:XAUUSDMMFlowTradingGold is stabilizing, but the macro backdrop is still not fully supportive. Markets are watching Powell, while higher oil prices continue to keep inflation concerns alive. That is limiting bullish momentum for gold in the short term. On the chart, the structure still leans bearish on the higher intraday view. Price remains below the descending trendline, and the latest rebound looks more like a reaction from support than a confirmed trend reversal. The key H2 decision zone is still the resistance area around 4,669. As long as gold stays below that zone, rallies are vulnerable to renewed selling pressure. Market Read H2 structure remains bearish to neutral Price is rebounding, but still trading under the main descending trendline The current move looks like a technical bounce, not a confirmed breakout Macro pressure from firm yields, stronger energy prices, and delayed easing expectations still limits bullish momentum Key Zones 4,669.440 → main resistance / trendline reaction zone 4,600.149 → current short-term pivot 4,555.750 → intermediate downside level 4,472.332 → major support zone Trading Plan If price rebounds but fails below 4,669 → gold may rotate back toward 4,600 If 4,600 breaks clearly → downside may extend toward 4,555 and then 4,472 If price reclaims 4,669 and holds above it → the rebound becomes more credible, but for now that is still the secondary scenario MMFLOW View This is still not a clean bullish chart. There is room for a short-term bounce, but the main structure has not changed yet. As long as gold remains below 4,669, rallies still look more like retests into resistance than the start of a true recovery. With the market still watching Powell, oil, and inflation expectations, price action around resistance matters more than trying to predict a breakout too early. Bias today: Bearish while below 4,669