Gold has delivered a strong bullish impulse and is now approaching a major resistance/supply zone, where previous price action showed aggressive selling pressure. The current move is testing the upper boundary after breaking through several internal resistance levels.

The key point is that price is now extended into a high-probability reaction area. The previous rejection from this region makes it important to watch for another bearish response rather than chasing the upside.

The Fibonacci structure shows price moving through the retracement levels with strong momentum. However, a rejection followed by a break of the nearby structure could signal that the bullish move is losing strength and initiate a deeper correction.