Gold Turning Bullish — Continue Buying or Wait for a Pullback?

May 6

Following the previous updates, the weekly timeframe still shows no major structural changes. However, early signs of weakness in the bearish trend are starting to appear, which should be monitored on lower timeframes.

On the daily timeframe, the major structure remains bearish, but the minor structure has exited its bearish phase. While a confirmed bullish structure is not yet fully in place, this shift suggests that the overall bearish momentum may be weakening.

This opens the possibility for a bullish continuation toward the previous major high around 4891.54, but a full confirmation requires a complete minor structure shift, which is still developing.

On the 4H timeframe, the major structure has already exited the bearish phase, and the minor structure is clearly bullish. A 4H correction is likely to occur soon, but it requires bearish structure formation on lower timeframes, which is not present yet.

The 1H timeframe aligns with the 4H structure, showing the same bullish conditions.

On the 15M timeframe, both major and minor structures are fully bullish, confirming the current upward momentum.

📊 Conclusion:

The overall bias is bullish for now, and continuation is possible.
However, the market has already moved significantly higher, making new buy positions riskier at this stage.

It is better to wait for confirmed bearish structures on lower timeframes to catch corrective moves, rather than chasing the current bullish trend.

Are you still buying here… or waiting for a pullback? 👇

May 6

Trade active

The first supply zone has been taken out.

Keep in mind that the area price is approaching—where, in most analyses, traders expect a corrective phase and start opening short positions—is typically a high-liquidity zone. These are not suitable areas for aggressive short entries at all.

For short positions, you must only enter with confirmation of a structural shift.

May 7

Note

Update:

One important detail from the previous analyses was the supply zones marked on the chart.

As mentioned before, price moved very slowly inside those liquidity areas, which usually means the market can react aggressively once price returns to them.

Educational note:

When the previous move was sharp and impulsive, price often comes back slowly and corrective.

But when the previous move was slow and compressed, price usually returns to that area with aggressive momentum.

That’s exactly why the bullish reaction from the marked zones was not surprising.