XAUUSD — 4,100 Is the Last Buyer TestGoldOANDA:XAUUSDFelix_MacroTrade Gold is trading in a sensitive area again, and this chart is giving a very clear message: buyers are trying to defend the bottom, but the recovery still looks weak. After the strong rejection from the upper area near 4,220, price failed to continue higher and quickly returned back into the lower range. That rejection is important because it shows that the market did not accept higher prices. The move above the previous structure looked more like a liquidity grab than a clean bullish breakout. From the SMC view, gold is now sitting near the buyside liquidity / short-term support area around 4,120 - 4,125. This is where buyers tried to react before, but the reaction is not strong enough yet. Price is still moving below the intraday FVG around 4,160 - 4,172, and that FVG is now acting like a sell reaction zone. As long as gold cannot reclaim that area, the structure remains under bearish pressure. The key area below is the golden bottom region around 4,100 - 4,110. This is the last short-term demand zone on the chart. If gold sweeps into this area and reacts strongly, we may see a temporary bounce back toward 4,145 and possibly 4,165. But if price breaks below 4,100 cleanly, the bearish continuation becomes stronger, and the next downside path can open toward 4,080. The macro picture also supports caution. Gold is facing new supply while the USD remains firm. Higher US bond yields are still putting pressure on precious metals, even though expectations for another Fed rate hike have cooled slightly. Traders are now waiting for the FOMC Minutes on Wednesday, so volatility may increase around these lower liquidity zones. For me, this is not a clean buy setup yet. It is more like a decision zone. Buyers must protect 4,100 - 4,110 and reclaim 4,145 first. Without that, any small bounce can still be treated as a weak retracement inside a bearish structure. If price pushes back into 4,160 - 4,172 and rejects again, sellers may continue to control the next move. A strong reclaim above 4,172 would be the first sign that buyers are trying to shift momentum again. Key price zones to watch Current price area: 4,120 - 4,125 Short-term liquidity area: 4,118 - 4,126 Golden bottom reaction zone: 4,100 - 4,110 Bearish continuation level: clean break below 4,100 Main downside target: 4,080 First recovery level: 4,145 Main FVG / sell reaction zone: 4,160 - 4,172 Bullish recovery confirmation: clean hold above 4,172 Main view: Gold is still under pressure while price stays below 4,160 - 4,172. The 4,100 - 4,110 zone is the last buyer test. If this area holds, gold may bounce first. If it fails, sellers can extend the move toward 4,080. Do you think gold will defend the 4,100 bottom region, or will sellers break it and continue lower?