Peter Smith
⬤ Gold is holding a bullish setup on the 1-hour chart, with XAU/USD pulling back after pushing higher. The pullback looks measured rather than aggressive, suggesting the uptrend may continue. The current move is being read as a healthy retracement within the broader bullish structure.
⬤ Price recently climbed into the $4,360 area before reversing lower. The pullback has now reached a demand zone between $4,321 and $4,315—a zone that previously supported upward movement and aligns with earlier consolidation. As long as price stays above the key support region below $4,305, the bullish structure remains valid.
⬤ The chart shows an initial upside target near $4,356, where liquidity from a prior high may be sitting. If momentum picks up, price could push even higher. The setup is based on clear market structure—including break of structure and character change patterns—rather than just short-term momentum.
⬤ Gold's price action matters because it reflects broader risk sentiment, currency shifts, and macro expectations. How XAU responds within the $4,321–$4,315 zone will likely determine whether the bullish phase continues or takes a pause in the near term.
Peter Smith
