XAUUSD Long-Term Outlook: Distribution Phase → Lower High → MoveGoldOANDA:XAUUSDonlinetradessystemGold is currently showing signs of weakness after rejecting a major supply zone around 5360. The structure suggests a transition from an impulsive bullish trend into a distribution phase. Price has already broken out of the rising channel, confirming loss of momentum. I expect a short-term recovery into the 5000–5200 selling area, forming a lower high. If sellers step in again, the next major target lies near the 4000 demand zone. Keys level • Supply: 5360 • Selling area: 5000–5200 • Support: 4377 • Demand: 4000 Bias: Bearish after retracement This is a swing/position perspective, not intraday.