In this 4-hour gold chart, the market structure clearly shows that after a strong bullish rally, price has entered a distribution phase and has repeatedly reacted negatively to the bearish FVG zones. The first bearish imbalance in the 4200–4250 area has acted as a major resistance, and once price tapped into this zone, a clear CHoCH formed to the downside. This change of character is the first signal of buyer weakness and the beginning of a corrective cycle.
In the most recent short-term rally, price once again entered a smaller bearish FVG around 4120–4150, and the presence of long upper wicks confirms heavy selling pressure. This zone currently serves as a valid short-term ceiling, and as long as it remains intact, no strong bullish continuation can be expected. From this rejection, price pulled back into the Bullish FVG (1H BoS) near 4005–4030, which is a valid demand area. For now, price is consolidating within this zone, suggesting that buyers are attempting to defend it—yet no clear signals of a bullish reversal have appeared.
If the 4005 level breaks decisively, the probability of a deeper decline toward the large blue demand zone around 3850–3950 increases significantly. This region represents the major support that could fuel the next bullish phase. However, in the bullish scenario, a strong recovery can only be expected if price breaks above 4150 and confirms a bullish CHoCH. Until then, the overall structure remains bearish–corrective, with the upper FVG zones acting as active resistance.
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