Fundamental Analysis
Gold is holding near a seven-week high after softer Treasury yields and reduced expectations for another Fed hike supported demand. However, the USD has recovered slightly, while the July U.S. employment report on August 7 may create sharp volatility across gold, yields, and rate expectations.

Technical Analysis
On the 1H chart, XAUUSD is trading near 4,256 after sweeping the previous swing high at 4,304.31 and forming a descending trendline from the rejection. Price remains within premium pricing above the 0.236 Fibonacci level. If the 4,250–4,275 area rejects with bearish confirmation, gold could correct toward 4,217 before reaching the institutional rebalance and OTE zone around 4,164–4,185.

Important Key Levels
Current price: 4,256.04
Main sell zone: 4,250–4,275
Short-term support: 4,217–4,220
Short-term resistance: 4,275–4,304
Liquidity area: 4,300–4,304
Main target: 4,164–4,185
Invalidation: above 4,304.31

Trading Scenario
Main Sell Setup
Entry: 4,250–4,275
Stop Loss: 4,305
Take Profit 1: 4,217.75
Take Profit 2: 4,180–4,185
Take Profit 3: 4,164.28

Sell Condition
Wait for price to reject the premium zone and descending trendline. A long upper wick, bearish engulfing candle, failed reclaim above 4,275, or 1H close below 4,250 may confirm seller pressure. If price breaks and holds above 4,304.31, the corrective sell setup is no longer valid.

Overall View
The broader momentum remains bullish, but price is extended after clearing the previous swing high. The preferred plan is to wait for bearish confirmation inside 4,250–4,275 rather than sell without a trigger. A confirmed correction could target 4,217 first, followed by the OTE zone at 4,164–4,185.

Do you expect gold to retrace into the OTE zone before its next expansion?