XAU/USD Technical Analysis – Bearish Rejection at ResistanceGold / U.S. DollarFOREXCOM:XAUUSDMR_NARCOS_ANALYSISXAU/USD) is currently trading around the $4,009 level after rebounding from a recent intraday low. The price action shows a clear rising channel structure, with the upper boundary acting as a significant resistance zone near $4,040 – $4,050. The chart highlights a resistance level where price has repeatedly failed to sustain upward momentum, indicating a potential double-top or distribution pattern forming in this area. If price fails to break and hold above the $4,020 – $4,040 resistance zone, bearish momentum may resume, potentially pushing gold toward the $3,950 area initially, followed by a deeper correction to the target level near $3,913. Conversely, a decisive breakout and close above $4,050 could invalidate the bearish outlook, opening the way for further bullish continuation. Key Levels: Resistance Zone: $4,020 – $4,050 Immediate Support: $3,990 Target Level: $3,913 Trend Bias: Short-term bearish under resistance Conclusion: Gold is approaching a critical resistance area, and a rejection could confirm a short-term bearish reversal pattern. Traders should watch for confirmation near $4,020–$4,040 for potential short entries targeting $3,913. NQ1! MNQ1! ES1! MES1! MGC1! YM1! CL1! BTC1! SI1! NIFTY1! RTY1!