Gold is currently trading in a bearish structure on the 4H timeframe after a strong rejection from the marked resistance zone around 4560–4615. This area has acted as a strong supply zone, where price previously showed heavy selling pressure.
After the recent drop, price is attempting a weak pullback but struggling to gain bullish momentum. The lower highs and continuous rejection wicks indicate that sellers are still in control. If price fails to break and sustain above the resistance zone, we can expect another rejection.
The projected move suggests a potential continuation to the downside, with the next major target being the strong support zone around 3930–4000. However, a clean breakout and hold above resistance would invalidate this bearish outlook and could shift momentum toward the upside.
For now, the market bias remains bearish unless a strong bullish confirmation appears.