Fundamental Analysis
Gold is trading near a seven-week high and is on track for its strongest weekly gain since January as softer inflation concerns, lower oil prices, and reduced expectations for aggressive Fed tightening support demand. Attention is now focused on the July U.S. payrolls report, which could sharply influence the USD, Treasury yields, and the next Fed rate path.

Technical Analysis
On the 2H chart, XAUUSD is trading near 4,323 after a strong bullish displacement from the 4,019 low and is now testing the previous swing high around 4,327.75. Price is highly extended, so chasing the rally offers limited value. The preferred buy zone sits around 4,137–4,180, where the Fibonacci 0.618 retracement, institutional rebalance area, and marked OTE converge. If price retraces into this zone and buyers regain control, gold could recover toward 4,255 before retesting 4,300–4,328.

Important Key Levels
Current price: 4,323.53
Main buy zone: 4,137–4,180
Short-term support: 4,210–4,255
Short-term resistance: 4,327–4,340
Liquidity area: 4,327.75
Main target: 4,327–4,340
Invalidation: below 4,085

Trading Scenario
Main Buy Setup
Entry: 4,137–4,180
Stop Loss: 4,085
Take Profit 1: 4,255
Take Profit 2: 4,300
Take Profit 3: 4,327–4,340

Buy Condition
Wait for a controlled retracement into the OTE zone and clear bullish confirmation. A sell-side liquidity sweep, long lower wick, bullish engulfing candle, failed breakdown, or 2H reclaim above 4,180 may confirm renewed buyer pressure. If price breaks and holds below 4,085, the bullish pullback setup is no longer valid.

Overall View
The 2H structure remains strongly bullish, but XAUUSD is currently trading near previous swing-high liquidity after an aggressive expansion. The preferred plan is not to chase above 4,300, but to wait for a deeper correction into 4,137–4,180 and look for confirmation before targeting another move toward 4,327–4,340.

Do you expect gold to retrace into the OTE zone before challenging 4,327 again?