XAU/USD: Confirming the Bearish Structure for a Swing Short

Market Overview and Technical Analysis

The current price action in XAU/USD indicates a clear bearish trend, with the metal currently trading at 2898.3, down -0.74% over the last 24 hours. The daily range has been established between 2865.74 and 2930.85, demonstrating a consistent pressure to the downside. The structure is clear: price has failed to sustain levels above the immediate resistance at 2930.85, and any rallies are being sold into. We are observing a consolidation below this key resistance, signaling potential further depreciation. My technical assessment points to a retest of the lower support levels, specifically 2865.74, before potentially targeting 2850.

Fundamental Drivers and