XAUUSD – Gold Weakens Before Key U.S. Data GoldOANDA:XAUUSDHannah_MarlandXAUUSD – Gold Weakens Before Key U.S. Data Gold is starting the new week under pressure after failing to hold the previous recovery structure. Price is now trading around 4,423 after a sharp bearish impulse from the 4,580 – 4,600 area. The move shows that buyers lost control in the short term, while sellers are trying to keep price below the broken structure. The market is now waiting for important U.S. data, with the U.S. dollar supported by risk-off sentiment, rising Treasury yields, and stronger expectations that the Fed may keep a hawkish tone into September. This is important for gold because higher yields and a stronger dollar usually reduce demand for non-yielding assets. Technical structure On the H1 chart, gold rejected from the upper area and created a strong bearish leg toward 4,397. After that, price moved into a small consolidation range below the descending short-term trendline. The nearest resistance zone is around 4,480 – 4,520, where Fibonacci 0.618 and the previous sell order zone are aligned. If gold retests this area and fails to break above it, sellers may continue to defend the trend. The key low is around 4,396. If price breaks below this level with clear momentum, the next liquidity area around 4,340 – 4,360 becomes the main downside target. However, if gold can reclaim 4,520 and hold above it, the bearish pressure may weaken and price could attempt a recovery back toward 4,560 – 4,580. Key price zones Current price: 4,423 Nearest low: 4,396 Main liquidity support: 4,340 – 4,360 Sell order 0.618 zone: 4,480 – 4,500 Sell order Fibonacci zone: 4,505 – 4,520 Recovery confirmation: above 4,520 Trading scenario Primary scenario – Sell on recovery Sell zone: 4,480 – 4,520 Entry condition: bearish rejection, failed retest, or lower-timeframe bearish confirmation Stop loss: above 4,520 Take profit 1: 4,396 Take profit 2: 4,360 Take profit 3: 4,340 Alternative scenario – Bullish recovery Condition: H1 candle closes back above 4,520 and holds Target: 4,560 – 4,580 first If buyers regain strength above 4,580, gold may try to rebuild a stronger recovery structure. Hannah’s view Gold is not in a clean buying area yet. The short-term structure still favors sellers while price remains below 4,480 – 4,520. For now, I prefer watching the reaction around the sell order Fibonacci zone. A weak recovery into this area may give sellers another chance to push price lower. The key level is 4,396. If this low breaks, gold may continue toward the deeper liquidity zone near 4,340 – 4,360. Main view: wait for confirmation around 4,480 – 4,520. No confirmation means no trade. Do you think gold will reject from the Fibonacci sell zone, or will buyers reclaim 4,520 before the U.S. data?