XAUUSD – Gold Below 4,600, Decision Zone Ahead GoldOANDA:XAUUSDHannah_MarlandXAUUSD – Gold Below 4,600, Decision Zone Ahead Gold is entering a very important short-term decision area after losing momentum near the upper part of the rising channel. Price is currently trading around 4,602 after a failed continuation above the recent resistance area. The market is still inside the broader bullish channel, but the short-term structure is no longer clean. Buyers need to defend the next demand zone, or gold may move into a deeper correction. FUNDAMENTAL VIEW Gold slipped below the 4,600 area during the early European session as traders focused on U.S. PCE inflation data and the Jackson Hole event. Stronger inflation expectations can support the idea of a more hawkish Fed, which may lift the U.S. dollar and Treasury yields. This usually puts pressure on gold because gold does not offer yield. At the same time, geopolitical headlines remain important. Iran’s conditions for reopening the Hormuz route may affect oil prices and inflation expectations, which can create sharp volatility for gold. So the current market is not simple. Gold has bullish structure from the previous rally, but short-term pressure is building before the next big catalyst. TECHNICAL VIEW – SMC + FIBONACCI From an SMC perspective, gold has failed to hold the recent upside momentum after reaching the upper section of the channel. The chart shows a short-term market structure shift around the 4,600 area, with price now moving sideways after a bearish reaction. This means buyers are no longer fully in control in the very short term. The first important downside area is the expected buy zone around 4,528 – 4,544. This is the zone where buyers may try to defend the broader bullish channel. If price sweeps into this area and reacts strongly, gold may recover toward the expected selling zone above. The expected selling zone is around 4,650 – 4,670. If gold retests this area and fails to break higher, sellers may step in again. The larger structure remains bullish while price stays inside the rising channel, but if 4,528 fails, the correction may extend deeper. KEY PRICE ZONES Current price: 4,602 Immediate decision area: 4,600 Expected buy zone: 4,528 – 4,544 Expected selling zone: 4,650 – 4,670 Upper resistance: 4,700 area Major lower liquidity: 4,300 – 4,320 Bullish reaction valid: Above 4,528 Short-term recovery confirmation: Above 4,625 Stronger bullish continuation: Above 4,670 Invalidation for short-term bullish reaction: Below 4,528 TRADING SCENARIOS Buy Scenario – Support Reaction Buy Zone: 4,528 – 4,544 Entry: Bullish rejection, liquidity sweep, lower-timeframe CHoCH, or strong reaction from the demand zone SL: Below 4,528 or below the nearest swing low TP1: 4,600 TP2: 4,650 – 4,670 Sell Scenario – Resistance Reaction Sell Zone: 4,650 – 4,670 Entry: Bearish rejection, failed breakout, or lower-timeframe bearish CHoCH SL: Above the rejection swing high TP1: 4,600 TP2: 4,544 TP3: 4,528 Breakdown Scenario Condition: Clean break and hold below 4,528 Target: Deeper correction toward the lower channel and liquidity zones MY VIEW Gold is not fully bearish yet, but short-term momentum has weakened. The key area for me is 4,528 – 4,544. If buyers defend this zone, gold may recover and retest 4,650 – 4,670. But if gold loses this buy area, the current correction may become deeper and the market may look for lower liquidity before buyers return. I do not want to chase gold in the middle around 4,600. I prefer waiting for price to either sweep the buy zone or reject clearly from the selling zone. Gold is still inside the bigger bullish channel — but the next reaction around 4,528 – 4,544 will decide if buyers are ready to continue. Do you think gold will defend the buy zone and recover, or will sellers force a deeper correction first?