H1 Bullish Continuation Toward External LiquidityGoldOANDA:XAUUSDMason_DrakeXAUUSD is trading around 4,408 after holding the latest H1 breakout structure. Price continues to form higher highs and higher lows, keeping the broader bias bullish while short-term demand remains protected. Gold is supported by softer U.S. inflation. July CPI rose 0.1% month-on-month and 3.4% year-on-year, while core CPI eased to 2.5%, reducing expectations for an immediate Fed hike and helping gold trade above 4,400. Attention now shifts to today’s U.S. PPI release at 8:30 a.m. ET, which could trigger another volatility spike. Technical View The H1 structure remains bullish after consecutive BOS confirmations. Price is currently consolidating around short-term demand after testing the 4,425 area. The 4,395–4,410 zone is the immediate buy area. Holding this region would support another expansion toward external buy-side liquidity around 4,425–4,445. Above that, the 4,435–4,450 bearish imbalance is the next decision zone. Acceptance above this area would strengthen the continuation setup toward the 4,500–4,525 target. If price pulls back deeper, the 4,365–4,385 bullish rebalance zone remains the next structural support. Key Zones Current price: 4,408 Buy Priority: 4,395–4,410 Bullish rebalance zone: 4,365–4,385 External buy-side liquidity: 4,425–4,445 Bearish imbalance: 4,435–4,450 Structural demand: 4,315–4,340 Continuation target: 4,500–4,525 Bullish invalidation: below 4,365 Trading Plan Buy Priority: 4,395–4,410 Condition: wait for an H1 bullish rejection, liquidity-sweep reclaim or higher-low confirmation from short-term demand. SL: below 4,365 TP1: 4,425–4,445 TP2: 4,450 TP3: 4,500–4,525 Important Note Price may sweep below 4,395 before continuing higher. The 4,365–4,385 rebalance zone remains the deeper support if the first demand fails. Today’s PPI release may create sharp movement on both sides, so confirmation is more important than chasing the initial reaction. Final View Gold remains bullish on H1 while short-term demand holds. The cleaner setup is a confirmed reaction from 4,395–4,410, targeting external liquidity around 4,440 before a potential extension toward 4,500–4,525. Will gold defend short-term demand before expanding into external buy-side liquidity?