Today, the gold market broke structure under the 1905 level and retraced back into the most recent supply zone at 1909 - 1911 without breaking it upwards. This behavior suggests a continued downward trajectory, potentially breaking the psychological 1900 level and reaching our main demand zone at 1894 - 1889. However, should the market break above this recent supply zone in tomorrow's Asian session or the early hours of the London session a scenario I consider unlikely it may touch the 1918 - 1921 supply zone to grab liquidity before descending to the 1894 - 1889 levels.
The institutional bias remains bearish, although the pace of the bearish run appears to be slowing compared to previous days. While it's uncertain, the expected demand zone at 1894 - 1889 could trigger a strong market reaction in the coming week, potentially initiating a solid bull run.
It's worth noting that if the market fails to break the 1900 level and closes the week above it, this could independently set a bullish bias. As tomorrow is Friday, the actions of major financial institutions remain unpredictable. Therefore, I advise practicing caution and avoiding impulsive trades without proper price action confirmation.
http://dlvr.it/Sw6L06
