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XAUUSD continues to be under pressure after rebounding from the 4500-4520 resistance area.

What is striking here is the weakness of the upward reaction. Even after a temporary bounce from support, price quickly loses momentum once it approaches the upper border of the channel, a clear indicator that the overall downtrend continues.

From a macroeconomic perspective, the market remains tilted toward the U.S. dollar as traders anticipate a dovish stance from the Federal Reserve and rising U.S. bond yields. This combination limits gold’s bullish momentum in the near term.

As long as XAUUSD remains below the established supply area and the downtrend line, the possibility of a continued move towards the 4380-4400 area remains.

So far, buyers have not shown enough strength to cancel the downward channel.

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