H1 Bearish Continuation Toward DemandGoldOANDA:XAUUSDMason_Drake XAUUSD is trading around 4,585 after failing to recover above the latest H1 internal supply. The strong bullish expansion has clearly lost momentum, with CHoCH, bearish BOS and MSS signals now supporting a deeper corrective phase. Gold recovered modestly as the U.S. dollar softened, but July PCE remained elevated at 3.7% headline and 3.3% core. Attention is now fully on Fed Chair Kevin Warsh’s Jackson Hole keynote today at 10:00 a.m. ET. Any hawkish signal on inflation or rates could strengthen yields and the dollar, adding pressure to gold. Technical View The H1 structure has shifted from bullish expansion into short-term bearish delivery after price failed below the 4,680–4,690 major swing high. The 4,590–4,610 internal supply / retest zone is now the key resistance. As long as price fails to regain acceptance above this area, rallies may continue to act as corrective retracements. The first downside objective sits at 4,505–4,525, where the first demand, Order Block and POI align. If that demand fails to hold, the next major liquidity objective is the 4,435–4,455 demand / Fibonacci POI zone. Key Zones Current price: 4,585 Internal Supply / Retest: 4,590–4,610 First Demand / OB + POI: 4,505–4,525 Major Demand / Fibonacci POI: 4,435–4,455 Major Swing High / BSL: 4,680–4,690 Bearish invalidation: sustained H1 acceptance above 4,610–4,625 Trading Plan Sell Priority: 4,590–4,610 Condition: wait for an H1 retest followed by bearish rejection, failed acceptance above supply or lower-high confirmation. TP1: 4,505–4,525 TP2: 4,435–4,455 Important Note Jackson Hole can produce aggressive liquidity sweeps on both sides. Avoid chasing price after a strong displacement and wait for confirmation around the internal supply zone. A sustained recovery above 4,610–4,625 would weaken the immediate bearish continuation view and could expose higher liquidity again. Final View The broader market remains elevated, but the H1 structure currently favours further corrective downside while price stays below internal supply. The cleaner plan is to sell a confirmed retest of 4,590–4,610, targeting 4,520 first and 4,435–4,455 if bearish momentum expands. Will Jackson Hole accelerate the H1 correction, or trigger one final liquidity sweep first?