/GC – Recovery Above HVL, 4315 Call Wall in FocusGold FuturesCOMEX:GC1!TanukiTradeGold is showing early signs of stabilization on the daily chart after a sharp multi-month selloff. Price is now trading at 4175, holding above 4110 – HVL while the next major upside reference sits at 4315 – C1. This matters because HVL acts as the regime pivot — above it, gold remains inside a positive GEX environment, where price action tends to become more controlled than in reactive downside conditions. 🔶 Regime Context 🔶 Gold is trading above HVL at 4110, keeping the market inside a positive GEX regime. The immediate question is not whether structure has turned fully bullish, but whether price can maintain acceptance above HVL and begin rotating toward the overhead call wall. 🔶 Options Structure Context 🔶 👉 4315 – C1 — highest call NETGEX wall / main upside reference With spot at 4175, C1 sits roughly 140 points above current price — making it the clear upside magnet on the GEX profile if the recovery continues. 🔶 Downside Structure 🔶 👉 3935 – P1 — strongest put wall Confluence at 3935: P1 — highest negative NETGEX / strongest put wall Ab1 — largest absolute gamma nPOI — net put open interest peak POI — highest put open interest AbOI — highest absolute open interest That makes 3935 a major multi-confluence reaction zone — not just a round number, but a deep put-side positioning cluster that anchors the downside structure well below current price. 👉 4110 – HVL — regime pivot directly below spot; loss of this level would shift gold back toward a more reactive gamma environment 🔶 Options Sentiment 🔶 IVRank at 33.5 sits in a moderate range — options are neither cheap nor at an extreme. IVx has edged lower over the past five days (IVx 5dCh -1.4%), consistent with slightly compressing premiums after the recent decline. IVRank 33.5 IVx 25.6 | IVx 5dCh -1.4% Implied move ±0.6% (±25) 🔶 Key Structure to Watch 🔶 4110 — HVL / regime pivot (must hold) 4315 — C1 / highest call wall above spot 3935 — P1 + Ab1 + nPOI + POI + AbOI / main downside floor For now, gold is attempting a recovery above 4110 HVL, with 4315 C1 as the next major upside reference. The key question is whether momentum can carry price toward the 4315 call wall — or whether the recovery stalls and rolls back toward HVL.