Gold Forming a Bottom or Just a Bear Market Bounce?GoldOANDA:XAUUSDDomicChainaHello everyone, After last week's sharp selloff, gold is starting to stabilize around 4,330 USD/oz. However, on the H1 timeframe, price remains below both EMAs and the short-term bearish structure has not yet been broken. What stands out is that after losing the 4,400 USD level, gold quickly found buying interest around 4,280–4,300 USD. This area has generated a solid reaction so far, allowing the market to pause after heavy selling triggered by stronger-than-expected US employment data and a stronger US dollar. Investors are now shifting their focus toward upcoming US inflation data. If inflation remains elevated, the Fed may have little reason to ease monetary policy in the near term. This continues to be the main factor limiting a stronger recovery in gold. From a technical perspective, 4,340–4,350 USD is the nearest resistance zone as it aligns with the short-term EMA on H1. If gold breaks above 4,350 USD, the recovery could extend toward 4,390–4,400 USD, followed by 4,450 USD, where heavy selling pressure previously emerged. On the other hand, if price fails to clear 4,350 USD, gold could easily retest the 4,300 USD support zone. A breakdown below that level may open the door toward 4,250 USD. For now, I still view this move as a technical rebound within a short-term downtrend. To confirm a meaningful bottom, gold needs to reclaim and hold above 4,400 USD. Until then, sellers remain in control.