XAUUSD: Is Gold Building Another Lower High?GoldOANDA:XAUUSDElianTradePathGold has recovered from its recent lows, but buyers are struggling to overcome descending resistance. Could this rebound simply create another lower high before sellers regain control? Market Structure — Bears Maintain Control The intraday chart shows XAUUSD moving within a well-defined descending channel, characterized by successive lower highs (LH) and lower lows (LL). Following the sharp decline toward the 3,870–3,880 potential demand zone, Gold staged a corrective recovery. However, buyers failed to sustain momentum around 3,968–3,980, where former support has become an important resistance area. The latest price action shows another recovery attempt losing strength, with Gold returning toward 3,926.900 on the referenced chart. Despite the rebound, the broader bearish structure remains intact. Bearish Scenario — Another Lower High? The first major upside reference remains 3,968–3,980. If Gold attempts another recovery but fails to reclaim this zone, the existing lower-high sequence could continue. A renewed decline below the latest short-term swing lows would bring the psychological 3,900 level back into focus. Further bearish confirmation could expose 3,870–3,880, where buyers previously showed a reaction. A sustained breakdown beneath this demand zone would reinforce the bearish continuation scenario. Bullish Scenario — What Would Change the Structure? A corrective rebound alone would not confirm a reversal. For buyers to regain control, Gold would need to establish a higher low and break above the latest significant swing high. A sustained breakout above 3,968–3,980, followed by a successful retest and a break of descending channel resistance, would strengthen the bullish recovery case. Until then, upward movements remain vulnerable to renewed selling pressure. The Bigger Picture Gold began the week with a rebound as softer oil prices helped ease inflation concerns. However, expectations of further Federal Reserve tightening and uncertainty surrounding US policy continue to influence market sentiment. The technical structure remains the primary guide. A rebound can challenge resistance. Only a confirmed structure shift can challenge the trend. Will Gold reclaim key resistance, or is the market preparing another lower high before testing demand again?