After a sudden drop, is gold "loading up" for a breakout?

Hey everyone! At the start of today’s Asian session, gold is moving sideways around the $3,300 level, following yesterday’s sharp swing. Looking back, the price had climbed for three consecutive sessions earlier this week, then suddenly spiked to a two-week high of $3,345 during the Asian session on Thursday—only to quickly drop and close near $3,294.

This sharp reversal reflects the ongoing tug-of-war between a strengthening US dollar, volatile US bond yields, and unstable geopolitical factors. However, on the 4H chart, the bullish structure still holds, with price currently retesting the support zone around the EMA34.

Key price scenarios to watch:
If the support area around $3,214 holds → gold could bounce back toward the $3,345 region.
On the other hand, if $3,214 breaks → the bullish scenario will be temporarily invalidated and gold might revisit a deeper accumulation zone.

Right now, watching the price reaction around yesterday’s low is crucial—this could be the key to catching the next wave.