XAUUSD — Bearish Trend, Fibonacci Pullback in Focus

Market Pulse Gold remains under pressure from a stronger U.S. dollar, elevated Treasury yields and expectations for further Fed tightening. Higher oil prices are also keeping inflation risks alive, which may support the higher-for-longer rate outlook and limit Gold’s upside. What the Chart Says XAUUSD remains clearly bearish on H1. Price continues to form lower highs and lower lows, while several bearish BOS moves confirm that sellers still control the structure. Gold is now trading around 4,272, inside the marked 4,263–4,278 downside demand zone. Because price is already extended lower, chasing new shorts here offers poor positioning. The cleaner setup is to wait for a corrective rebound. The key area above is 4,335–4,347. This zone matches previous structure and sits close to the 0.618 Fibonacci retracement, making it the strongest pullback area on the chart. If sellers defend this zone, another bearish leg could develop back toward the current demand. The higher 4,390–4,400 area remains the major resistance if the recovery becomes much stronger. Levels That Matter 4,390–4,400 — Major resistance 4,335–4,347 — Main pullback / Fibonacci resistance 4,263–4,278 — Downside demand / current support My Main Plan The main plan remains bearish. I prefer waiting for Gold to recover toward 4,335–4,347 rather than selling near the current lows. If price reaches this area and sellers return with clear confirmation, Gold could rotate lower again toward 4,263–4,278. What I Need to See I want the rebound to form another lower high and fail around the 0.618 Fibonacci resistance area. A sustained H1 break above 4,347 would weaken the immediate setup. A stronger recovery toward 4,390–4,400 would suggest that the correction is becoming much deeper. Final Read The H1 trend still favors sellers, but Gold has already reached an important downside demand zone. For now, I prefer waiting for the Fibonacci pullback and bearish confirmation rather than chasing shorts at the lows. I can keep monitoring the Fed-rate, dollar and Treasury-yield backdrop and flag a meaningful change in XAUUSD bias.