XAUUSD LongGoldOANDA:XAUUSDTradewithArzhang1. Broader market structure The 4H structure is still bullish overall, but price is currently undergoing a significant bearish correction. Gold established a major low around $4,311.04, followed by strong bullish displacement that broke the previous structure and pushed price toward $4,697.10. The chart explicitly marks this BOS at $4,697.10, confirming the preceding bullish expansion. The important structural level below is the marked CHoCH at $4,311.04. As long as price remains above that major low, the broader bullish structure remains intact. However, the recent rejection from $4,680–$4,697 and the aggressive selloff indicate that the short-term 4H structure has shifted bearish/corrective. 2. Supply and demand The $4,510–$4,550 supply zone is currently the key reaction area. It has not been heavily tested yet, so its strength comes primarily from the fact that it sits directly beneath the current bearish displacement and could become resistance if price retraces into it. The $4,335–$4,360 demand zone is much more significant: buyers previously stepped in with strength from this region and launched the major rally toward $4,697. This makes it a strong demand area and an important location for potential accumulation. 3. Price action in your marked region The current move is very bearish and impulsive. Gold dropped from around $4,600 directly to $4,455, with a large bearish displacement candle breaking through the nearby structure. However, price is now approaching the area you've marked for a potential reaction. Your projected path—further downside → reaction → retracement toward $4,510–$4,550—makes sense. I would watch $4,420–$4,440 first for evidence of buyers stepping in. If price stabilizes there and produces a bullish rejection/engulfing pattern, a retracement toward $4,510–$4,550 becomes likely. The more important scenario is if price continues lower into $4,335–$4,360 demand. That would be the stronger location for a potential 4H bullish reaction. 4. Current trade bias Short-term bias: Bearish/corrective. Higher-timeframe bias: Bullish while $4,311 holds. My preferred path is: $4,455 → $4,420/$4,400 → reaction → $4,510–$4,550 If the selloff extends: $4,360 demand → strong bullish reaction → $4,510–$4,550. The key bullish invalidation is a decisive break below $4,311.04. That would invalidate the current higher-low structure and create a much more serious bearish reversal. For the immediate bearish setup, a recovery and sustained 4H acceptance above $4,550 would weaken the short-term bearish thesis. 5. Momentum & candle confirmation Momentum currently strongly favors sellers. The large bearish displacement candle around August 28 is the clearest confirmation. There is currently no convincing bullish reversal candle at the marked area yet. Therefore, I would not assume the bottom is in simply because price has reached $4,455. Let buyers demonstrate strength first. 6. Macro catalyst There is a significant macro catalyst supporting the current bearish pressure. Fed Chair Kevin Warsh's recent Jackson Hole comments increased expectations for a possible September Fed rate hike, strengthening the dollar and Treasury yields. Reuters reported that the probability of a September hike rose sharply following his remarks, while gold fell more than 3%. The upcoming U.S. employment data/NFP on Friday, September 4 is also a major potential volatility catalyst for gold. So fundamentally, the current bearish correction has support from the macro environment, although longer-term gold demand and geopolitical/fiscal concerns remain supportive