After experiencing recent high volatility, gold remains within a broader correction structure. Prices were previously reacting to a clear supply zone around 5090-5120, which saw strong selling pressure and pushed the market lower. A sharp decline followed, forming a new short-term demand area around 4900-4950, where buyers stepped in and created a recovery.

Last trading day, CPI news increased volatility, pushing the price from 4966 to 5047. This move shows strong intraday buying, but the area around 5045-5090 is now acting as resistance again. Sellers have previously defended this area, so price reaction here is important.

Immediate support is located at 4950. If the price fails to hold above this level, the market may move towards 4920 and potentially retest the lower demand area. On the upside, a sustained breakout and close above 5090 could open the way to 5120 and above.

Currently, the structure is showing a recovery in a broader range. If resistance persists, gold prices may close on the sell side and fall again. Traders should pay attention to key level confirmations and manage risk carefully before planning any positions.

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