XAUUSD – H4 Premium Liquidity Retracement SetupGoldOANDA:XAUUSDMason_Drake XAUUSD is trading around 4,630 after recovering from the latest pullback. The broader H4 structure remains bullish, but price is approaching a major bearish OB and premium liquidity area where the risk of a deeper correction increases. The macro backdrop is mixed. July PCE inflation rose 0.2% month-on-month and 3.7% year-on-year, keeping Fed tightening expectations alive and pushing the dollar near an eight-day high. Gold fell more than 1% after the release but has since recovered as markets position for Jackson Hole. Jackson Hole runs August 27–29, with Fed Chair Kevin Warsh scheduled to deliver keynote remarks on August 28 at 10:00 a.m. ET. His inflation and rate guidance could drive the next major move in gold. Technical View Gold remains inside a strong H4 bullish structure after multiple BOS confirmations. However, the latest rally is approaching the 4,680–4,705 major bearish OB / premium liquidity zone. This is the main decision area. A liquidity sweep followed by bearish rejection or failed acceptance above the zone could trigger the corrective path shown on the chart. The first downside objective is 4,545–4,575, marked as internal supply / retest structure. If sellers gain acceptance below this area, the main retracement target becomes 4,440–4,470, where the major demand, OB and POI align. The deeper H4 demand around 4,010–4,050 remains relevant only if the correction develops into a larger structural move. Key Zones Current price: 4,629.585 Sell Priority: 4,680–4,705 Internal supply / retest: 4,545–4,575 Major demand / OB + POI: 4,440–4,470 Major H4 demand / Deep SLL: 4,010–4,050 H4 structural invalidation: 3,960.338 Bearish setup invalidation: above 4,710 Trading Plan Sell Priority: 4,680–4,705 Condition: wait for an H4 liquidity sweep into the major bearish OB, followed by bearish rejection, failed acceptance above premium or lower-high confirmation. SL: above 4,710 TP1: 4,545–4,575 TP2: 4,440–4,470 Important Note This remains a corrective sell inside a broader bullish H4 structure, not a confirmed trend reversal. Price may continue higher into the major bearish OB before sellers regain control. Avoid chasing a sell around current price. Jackson Hole may also create aggressive liquidity sweeps, so confirmation from the premium zone is more important than anticipating the reversal. Final View Gold remains structurally bullish, but the H4 chart is approaching an important premium liquidity zone. The cleaner plan is to wait for 4,680–4,705 and confirmed bearish reaction before targeting 4,560 and the major demand area around 4,440–4,470. Will gold sweep the major bearish OB first before starting the H4 correction?