Small OB Retest Before the Next Leg Lower? | XAUUSD 08/09GoldOANDA:XAUUSDAdrian_NovaTraderXAUUSD is currently trading around 4,429, after recovering from the 4,360 liquidity area. However, the recovery has not yet changed the broader H1 structure. Price remains below the descending trendline and is approaching the key 4,480–4,505 Small OB, which is the main area I expect sellers to defend. 🔎 H1 Structure The recent rebound from 4,360 liquidity looks corrective rather than a confirmed bullish reversal. Price is still below the descending trendline that has been controlling the H1 move. The 4,480–4,505 Small OB sits directly around the trendline resistance, creating confluence for a potential rejection. Above this area, 4,600–4,620 remains the major H1 OB, but I do not expect price to reach it unless 4,505–4,520 is clearly reclaimed. 🎯 My Trading Plan I am expecting price to continue pushing higher first and retest the 4,480–4,505 Small OB. Entry: 4,485–4,500 SL: 4,525 TP: 4,360 I would not chase the move from the current 4,429 area. The preferred setup is to wait for price to reach the H1 POI and then look for rejection. The ideal reaction would be a liquidity grab into 4,480–4,505, followed by bearish displacement and a return below the zone. 📉 Expected Direction Today My primary expectation for today is: 4,429 → 4,480–4,505 retest → rejection → 4,360 liquidity The rebound is therefore viewed as a potential mitigation/pullback phase, not yet as a new bullish leg. If price rejects the Small OB as expected, the first major draw is the 4,360 liquidity that was previously formed below the recent structure. ⚠️ Invalidation H1 acceptance above 4,520 invalidates this setup. If 4,520 is reclaimed and price holds above it, I would no longer look for the 4,360 draw as the primary scenario. In that case, the market could expand toward the higher 4,600–4,620 H1 OB. 📌 Key Levels 4,480–4,505 → Entry / Small OB 4,520 → H1 invalidation 4,360 → Main TP / Liquidity 4,600–4,620 → Higher OB if bearish setup fails 🧠 Bias Bearish for today. My preferred idea is not to react to the current bounce, but to let price retest the 4,480–4,505 POI first. If that zone produces the expected rejection, the next move should be toward 4,360 liquidity. Plan: Wait for the retest → confirm rejection → execute → target 4,360.