H1 Fibonacci Pullback Toward Major ResistanceGoldOANDA:XAUUSDMason_Drake Gold is holding around 4,165 after recovering strongly from the 4,07x area. Friday’s session remained constructive for bullion as the U.S. dollar weakened and Treasury yields eased over the week, giving Gold room to stabilize near 4,167. Reuters The macro picture is still mixed. Markets have reduced expectations for an immediate October Fed hike, with Fed Chair Kevin Warsh avoiding any commitment on the next policy move. However, persistent inflation and elevated energy prices keep the longer-term rate outlook restrictive, which may limit aggressive upside expansion. Reuters Technical View The H1 structure has improved significantly from the recent 4,07x Major Support. Gold produced a bullish CHoCH, followed by a BOS, confirming that buyers regained short-term structural control. Price then advanced toward 4,190 before pulling back into the current support structure. The immediate focus is 4,159–4,171 Key Support. Price is currently consolidating inside this area, but the chart projection suggests a deeper retracement may still develop before the next bullish expansion. The strongest confluence below sits around 4,120–4,137, where the marked Fibonacci retracement zone provides the cleaner location for buyers to defend. Above price, the descending trendline converges directly with 4,192–4,204 Major Resistance, making this the main upside objective and decision point. Key Zones 4,218.005 — Previous High 4,192–4,204 — Major Resistance + Descending Trendline 4,159–4,171 — Key Support Zone 4,120–4,137 — Fibonacci Support Zone 4,072–4,083 — Major Support Trading Plan The main scenario is to wait for a controlled pullback toward the 4,120–4,137 Fibonacci Zone. I want to see buyers defend this area and produce renewed H1 bullish confirmation before considering continuation. If demand holds, the first structural task is to reclaim 4,159–4,171. From there, bullish continuation can rotate toward the 4,192–4,204 Major Resistance, where the descending trendline creates the strongest upside confluence on the chart. The objective is not to chase price around 4,165. The better structure comes from allowing the retracement to develop first. Important Note A sustained H1 breakdown below the 4,120–4,137 Fibonacci Zone would weaken the current continuation thesis. The deeper 4,072–4,083 Major Support remains the broader structural defense, but losing the Fibonacci zone would require reassessing the immediate bullish setup. Buy View The buy-side view remains preferred while the broader recovery structure stays intact. The key condition is simple: buyers must defend the Fibonacci support and rebuild momentum back through 4,159–4,171. Final View Gold’s short-term H1 structure has turned constructive, but price remains below major descending resistance. The cleaner setup is a pullback first, continuation second. As long as 4,120–4,137 holds, the chart continues to favor a recovery through 4,159–4,171 and eventually toward the 4,192–4,204 Major Resistance zone.