FX.co ★ Jackroay | XAU/USD, GOLD

XAUUSDm H4 — Complete Technical Analysis Based Only on Your Chart 1. Market Structure & Overall Price Direction The H4 chart of XAUUSDm (Gold vs US Dollar) clearly shows that price has experienced a strong bullish expansion followed by a sharp bearish correction. The earlier structure on the left side of the chart demonstrates a sequence of higher highs and higher lows, supported by the marked STRONG BULLISH MOVE. Price advanced from the lower BULLISH ORDER BLOCK area around 4218.910–4260+ and subsequently created a series of bullish expansions toward the upper region. The most important development is that this bullish movement eventually reached the marked SWING HIGH at 4700.930. From that high, price started losing momentum and entered a distribution/correction phase. The latest candle shows a very aggressive bearish displacement from the upper supply area toward the current price around 4456.134. Therefore, according to the structure visible on this chart, the market has transitioned from a strong bullish expansion into a short-term bearish correction, and the reaction around the marked demand and support areas will determine whether this is simply a retracement or the beginning of a deeper bearish structural move. 2. SWING HIGH — 4700.930 The SWING HIGH at 4700.930 is the highest clearly identified reference point on your chart and therefore represents the most important liquidity and structural level on the entire H4 setup. Price approached this region multiple times and formed several candles around the upper area, but it could not sustain a decisive continuation above the swing high. The repeated interaction near this level indicates that substantial selling interest existed in this region. After failing to maintain bullish momentum, price began moving lower. From a pure chart perspective, 4700.930 should remain the major bullish invalidation/continuation reference. A future sustained move above this swing high would indicate that buyers have regained control and that the previous bearish pressure has been overcome. Until such a breakout occurs, however, the rejection from this level remains important. The fact that the strongest bearish displacement occurred after price spent considerable time beneath the swing high adds weight to the idea that the upper region acted as a major supply/liquidity area. 3. BEARISH ORDER BLOCK — 4613.290 to 4657.110 The most prominent supply structure on the chart is the marked BEARISH ORDER BLOCK, positioned approximately between 4613.290 and 4657.110. Price entered this zone after the major bullish expansion and began consolidating inside and around it. Several candles show hesitation, rejection and repeated attempts to trade higher, but the market failed to establish sustained acceptance above the zone. This behavior makes the bearish order block particularly important for any future recovery. If price retraces upward after the current bearish movement, this area can act as a major supply zone again. The lower boundary around 4613.290 is especially important because reclaiming this level would begin weakening the immediate bearish interpretation, while sustained trading through the complete order block would provide stronger evidence that sellers are losing control. Conversely, continued rejection below this region would preserve the bearish structure visible after the 4700.930 swing high. 4. RESISTANCE — 4569.470 The chart specifically marks RESISTANCE at 4569.470, and this level has become extremely important following the recent bearish displacement. Before the sharp fall, price was repeatedly trading above and around this region while attempting to maintain its position beneath the bearish order block. The latest bearish candle has decisively moved through this area, turning 4569.470 into an important reference point for future price action. If price rebounds from the current 4456.134 region and returns toward 4569.470, traders should carefully observe whether the level behaves as resistance. A rejection from 4569.470 would support the continuation of the bearish correction and could send price back toward the lower FVG (SUPPLY) zones and eventually toward SUPPORT 1. On the other hand, a strong H4 recovery above 4569.470 would indicate that the bearish displacement is losing immediate momentum and that buyers are attempting to reclaim the broken structure. 5. FVG (SUPPLY) — First Supply Imbalance Immediately below the marked resistance, the chart identifies an FVG (SUPPLY) zone approximately between the 4525.650 and 4569.470 region. This imbalance is highly relevant because the latest bearish move has passed directly through this area. An FVG represents a region where price previously moved aggressively enough to leave relatively inefficient price delivery. After such a displacement, price can frequently revisit the imbalance before deciding whether to continue in the same direction. In this particular chart, the first supply FVG now sits above the current price of 4456.134. Therefore, if the market produces a bullish retracement, this zone becomes an important area to monitor. A return into the FVG followed by bearish rejection would reinforce the existing selling pressure. Conversely, if price completely fills the FVG and establishes strong H4 acceptance above it, the immediate bearish momentum would become less convincing. 6. FVG (SUPPLY) — Second Supply Zone The second marked FVG (SUPPLY) lies approximately between 4481.830 and 4525.650. This zone is particularly important because it is positioned immediately above the current market price and below the first supply imbalance. The latest bearish candle has moved aggressively through this region, showing that sellers were capable of delivering significant downward momentum without allowing buyers to stabilize price. Consequently, this FVG can become a potential retracement area. If price rises from 4456.134 and enters the 4481.830–4525.650 region, the market's reaction here can provide valuable information about the next directional move. A bearish rejection from this FVG would suggest that the previous imbalance is functioning as supply after the displacement. If price instead moves cleanly through this entire region, then attention shifts toward the upper FVG and RESISTANCE at 4569.470.

7. STRONG BEARISH MOVE — Current Displacement The most visually significant feature on the right side of your chart is the marked STRONG BEARISH MOVE. A very large bearish candle has driven price from the upper supply/resistance region down toward 4456.134. This is not a small corrective candle; it represents a clear expansion in bearish momentum. The importance of this move comes from its location: it originated close to the BEARISH ORDER BLOCK, passed through RESISTANCE 4569.470, crossed the marked supply FVGs, and reached the current price area. Such a displacement suggests that sellers have temporarily gained strong control over the short-term H4 price action. However, one strong bearish candle by itself does not automatically establish a complete long-term reversal. The next reaction around SUPPORT 1 is therefore critical. If sellers continue producing strong candles below the current area, the bearish scenario strengthens considerably. If buyers absorb the selling and push price back into the supply zones, the move may prove to be a deep retracement rather than a permanent trend reversal. 8. Current Price — 4456.134 The chart shows the current market price at approximately 4456.134, placing price below both marked supply FVGs and below the RESISTANCE at 4569.470. This location is technically important because price has already traveled a considerable distance from the SWING HIGH at 4700.930. The market is therefore no longer trading inside the upper distribution area; it has moved decisively toward the lower part of the structure. At this point, chasing the bearish move blindly would carry greater structural risk because price is approaching the marked demand/support area. The better interpretation from the chart is to watch how price behaves between the current level and SUPPORT 1 at 4394.190. A clean continuation through support would indicate that sellers remain dominant. A strong bullish reaction before or around support, however, could produce a retracement back toward the broken supply zones. 9. SUPPORT 1 — 4394.190 The first major downside reference shown on your chart is SUPPORT 1 at 4394.190. This level is particularly important because it lies directly beneath the current market price and inside the broader area associated with the marked FVG (DEMAND). The earlier price action around this region demonstrates that buyers previously showed interest here. Consequently, 4394.190 should be treated as the first major test of whether the current bearish displacement can continue. If price reaches this level and produces bullish rejection, a corrective bounce toward 4481.830, 4525.650 or even 4569.470 becomes technically possible based solely on the structure shown. However, if H4 candles close decisively below 4394.190, the demand area would be under pressure and the market could begin targeting SUPPORT 2 at 4306.550. Thus, SUPPORT 1 is the immediate decision zone between bearish continuation and potential bullish retracement. 10. FVG (DEMAND) — 4394.190 Area The green FVG (DEMAND) located around the 4394.190 region is an important counterpart to the two upper supply imbalances. Unlike the supply FVGs above current price, this demand FVG sits beneath price and represents an area where previous bullish price delivery left an imbalance. The chart shows that the market previously moved strongly upward from the lower structure and eventually expanded toward the 4600+ region. Therefore, this demand area can potentially attract buyers during the current correction. The key question is whether price merely enters the FVG and reacts, or whether it completely breaks through it. A bullish reaction inside this zone would provide the first meaningful evidence that demand remains active. A decisive bearish break through the entire demand region, particularly with strong H4 closes, would indicate that the correction is extending deeper into the previous bullish structure. 11. SUPPORT 2 — 4306.550 Below SUPPORT 1, the chart clearly identifies SUPPORT 2 at 4306.550. This is the next major downside level if sellers successfully break the 4394.190 region. The significance of SUPPORT 2 comes from its position within the previous bullish price structure. Price repeatedly interacted around this general area before making the later expansion toward the upper levels. Therefore, if the current bearish move continues, 4306.550 becomes an important location where buyers could attempt to re-enter the market. A reaction from SUPPORT 2 could create another bullish retracement toward SUPPORT 1 and potentially the supply FVGs above. But if price breaks below 4306.550 with sustained bearish candles, the market would be moving deeper into the previous accumulation/bullish structure, increasing the probability of a larger retracement toward the lower BULLISH ORDER BLOCK. 12. BULLISH ORDER BLOCK — Lower Demand Structure At the bottom of the chart, the green BULLISH ORDER BLOCK represents the major demand foundation from which the earlier strong bullish expansion originated. This region is positioned around the 4218.910 area and extends upward into the lower 4200s/4250 area as displayed on the chart. Price previously interacted with this region before producing the marked STRONG BULLISH MOVE. That makes the bullish order block an important long-term demand reference within the visible H4 structure. If the market continues falling through SUPPORT 1 and SUPPORT 2, this lower order block becomes the deeper area to watch. A strong reaction from this region could potentially establish another bullish expansion. However, if price eventually breaks and closes decisively below the bullish order block, the entire bullish structure visible on the left side of the chart would be placed under much greater pressure. Therefore, this is the major structural demand zone beneath the current correction. 13. STRONG BULLISH MOVE — Previous Expansion The chart's earlier STRONG BULLISH MOVE provides important context for understanding the current bearish movement. Starting from the lower bullish order block and demand region, price advanced aggressively, moving through the intermediate FVG (DEMAND) and eventually establishing higher prices toward the 4400s, 4500s and ultimately the SWING HIGH of 4700.930. This previous expansion demonstrates that buyers were once in strong control of the H4 structure. The current bearish movement should therefore be interpreted in relation to that previous expansion rather than viewed in isolation. A correction back toward 4394.190, 4306.550 or even the lower bullish order block would represent a retracement into the structure created by that bullish move. The deeper the market penetrates this previous bullish expansion, however, the more important the reaction becomes for determining whether the original bullish structure can survive. 14. Overall Scenario — Bearish Correction vs Bullish Recovery Based strictly on the levels and terminology shown on your chart, the immediate momentum is bearish because price has rejected the upper BEARISH ORDER BLOCK, failed to continue above the SWING HIGH 4700.930, broken beneath RESISTANCE 4569.470, passed through both marked FVG (SUPPLY) zones, and produced the clearly labeled STRONG BEARISH MOVE toward 4456.134. The first major downside checkpoint is SUPPORT 1 at 4394.190, followed by SUPPORT 2 at 4306.550 and ultimately the lower BULLISH ORDER BLOCK. Nevertheless, the chart does not yet prove that the entire larger bullish structure has permanently reversed. For a bullish recovery, price would first need to stabilize around demand and reclaim the supply areas, with 4569.470 acting as an important recovery threshold and the BEARISH ORDER BLOCK around 4613.290–4657.110 becoming the major upper barrier. Therefore, the cleanest reading of your chart is: short-term bearish pressure is dominant, 4394.190 is the immediate structural test, 4306.550 is the next major downside level, while 4569.470 and the bearish order block are the principal levels that buyers must reclaim to regain meaningful bullish control.