Gold continues to maintain a medium-term bullish structure, consistently forming higher lows along the ascending trendline. Following the recent liquidity sweep below the 4040–4020 support zone, buyers have regained control, suggesting that bullish momentum remains intact.

Support: 4040–4020 → Confluence of liquidity and the ascending trendline, where buying interest is expected if price retraces.
Resistance: 4115–4123 → Immediate supply zone. A decisive break and close above this area would confirm trend continuation.
Bullish Target: 4166 → Previous liquidity high and the next key upside objective if resistance is cleared.

Preferred Scenario:

Wait for a pullback into 4040–4050 to absorb liquidity, then look for a CHoCH/BOS confirmation on the lower timeframes before considering long positions.
If price closes firmly above 4123, the probability of an extension towards 4166 increases significantly.

Bias: Bullish. Prioritise buying the dip, avoid chasing price into resistance, and wait for clear price action confirmation before entering.