XAUUSD: A Classic Pullback Before the Next Drop?GoldOANDA:XAUUSDAyabellHello everyone, Looking at XAUUSD at the moment, I believe the gold market is no longer in the strong bullish phase we saw before. Instead, what we are likely witnessing now is a distribution phase after a long uptrend, before the market potentially moves into a deeper correction. From a news perspective, the recent macro picture is gradually becoming less supportive for gold. Expectations that the Federal Reserve may keep interest rates higher for longer make holding gold less attractive compared to yield-bearing assets. At the same time, investment flows into gold are starting to slow as some capital is being withdrawn from precious-metal funds. As geopolitical tensions begin to ease, safe-haven demand is also gradually fading. Altogether, these factors suggest that the bullish momentum behind gold is weakening compared to the previous period. Looking at the chart, the most important point is not just the recent decline, but the fact that the long-term ascending trendline has been broken after being respected for many months. Following this structural break, price has been forming lower highs, and the rebounds are no longer strong enough to push the market back toward its previous highs. This indicates that buying pressure is gradually fading, while the upper area is turning into a strong supply zone where sellers may step back in whenever price retraces. In this context, XAUUSD may still experience a few short-term technical rebounds, but the broader bias is likely to remain to the downside. If selling pressure continues to dominate, the 4,100 area could become a potential target during this corrective phase, as it represents a notable liquidity and historical support zone. In short, XAUUSD is no longer a market where chasing long positions makes sense like before. Instead, this may be the stage where traders should monitor price retracements to look for SELL opportunities in line with the emerging bearish trend. Thank you for taking the time to read, and I wish everyone successful trading!