XAU/USD: Bearish Momentum Continues Amidst Macro Shifts

Market Overview and Technical Structure

Good day, fellow traders. My focus today is on XAU/USD, where the bearish trend remains evident. The current price stands at 2897.69, having seen a decline of -22.31 (-0.76%) over the past 24 hours. The daily range has been established between 2864.23 and 2931.15, indicating consistent downward pressure. From a technical perspective, the price is trading below the immediate resistance level of 2931.15, and the overall structure is clearly leaning bearish. While we have observed support around 2864.23, the sustained selling pressure suggests this level may be vulnerable to further testing.

Fundamental Drivers and Outlook

My fundamental analysis points to a strengthening US dollar environment as a primary catalyst for Gold's recent weakness. Expectations of higher real yields and a more hawkish stance from central banks globally are diminishing Gold's appeal as a non-yielding asset. This macro backdrop creates significant headwinds for XAU/USD, pushing it away from previous highs. Absent any significant geopolitical shocks or a sudden dovish pivot from monetary authorities, I anticipate