XAUUSD — Medium-term bearish — Watching 4,690-4,720GoldOANDA:XAUUSDdayedgegoldPrice 4,598.05 basing under 4,604 LH after a sweep of 4,605.84. M5 is structurally bull on the local bounce but cum delta sits at -90,638 — sellers absorbing every push. Value is rolling lower; price just slipped below the M5 VAL at 4,599.99. The 4H is in a clean bearish pullback after the 4,891 → 4,555 cascade (HH → CHoCH at 4,736 → BOS at 4,658 → LL at 4,555). The 1H carved a counter-trend bull leg off the 4,555 sweep with a CHoCH at 4,601 and HH 4,610, but the entire bear OB stack 4,690-4,720 is fresh, untapped, and sits inside the larger 4H supply band 4,722-4,766. Bigger picture remains medium-term bearish. Key levels: - Supply: 4,690-4,720 tri-TF confluence, 4,634-4,651 M15 bear OB, 4,608-4,621 shallow LH - Demand: 4,575-4,581 M5 sweep, 4,555-4,567 1H demand at 4H LL Primary scenario: rally back into 4,690-4,720 — wait for an M5 CHoCH_BEAR or sweep with a delta flip inside the zone, then short toward 4,604, 4,555, and 4,500 on extension. Secondary: a lower-tier rally into 4,634-4,651 with the same trigger, targeting 4,604 then 4,555. Invalidation: a 1H close above 4,740 kills the bear bias, or a clean break below 4,555 opens 4,500-4,520 deeper structural demand. Plan: pre-London chop expected around 4,598-4,610. Don't chase shorts at current price — too immediate, B-grade only. Watch for the rally distribution back toward 1H supply; 4,634-4,651 is the realistic first-touch. Cum delta is the tiebreaker — if M5 stays negative on bounces, short the rally; if it flips positive sustainably, stand aside and wait for the deeper HTF level. B-grade demand zones are reaction levels, not entries. Not financial advice. Do your own analysis.