XAUUSD is still in a sharp downtrend, with the following structure:
The lower high remains below the HTF downtrend line
Current price is retesting the 4.55x – 4.60x supply zone
The recent pullback was simply a pullback within a downtrend and formed the following pattern:

Increase pressure slightly (support height)
But was blocked by strong resistance from above
→ This is the structure that often leads to ongoing crashes

Distinctive signs
Purchasing power weakens close to the supply area
He refused to resist many times
The previous downward channel still dominates
→ The market is in the stage of re-hoarding by sellers

Macro support
US dollar remains strong
Rising yields continue to weigh on gold
Cash flow from shelter assets has yet to return
→ The short-term bias is still downward

If price continues to be rejected in the current zone:
Breaking below trend line support
Continuation of the major downtrend

Target:
4300
Additionally: 4,200 – 4,100

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