Gold Below $3,900 — A Retest Before Another Drop?GoldOANDA:XAUUSDElianTradePath Gold has extended its decline beneath $3,900, reinforcing the broader bearish structure. But with price approaching the lower boundary of a descending channel, could the next rebound simply create another lower high? Market Structure — Sellers Remain in Control The chart shows XAUUSD maintaining a well-defined descending channel, characterized by successive lower highs (LH) and lower lows (LL). Since September, recovery attempts have repeatedly failed to establish a sustainable bullish structure. The latest breakdown below 3,960–3,990 has reinforced bearish pressure, pushing price toward 3,875.645 on the referenced chart. Gold is now trading near the channel's lower boundary. While the prevailing structure remains bearish, this area deserves attention as a potential short-term reaction point. Bearish Scenario — Retest Before Continuation? The first major upside reference is 3,960–3,990, where broken support may now act as resistance. If buyers recover toward this area but fail to establish a sustained breakout, another lower high could develop. A confirmed rejection would keep the bearish structure intact. Should selling pressure resume and price continue lower, the next major downside reference lies around 3,725–3,760. This remains a conditional scenario, not a confirmed destination. Bullish Scenario — What Would Change the Outlook? A recovery from the lower channel boundary could provide temporary relief. However, buyers must reclaim the broken resistance zone and establish a higher low before the short-term outlook improves. A more meaningful bullish reversal would require a break above significant lower highs and eventually the upper boundary of the descending channel. Until then, rebounds remain vulnerable to renewed selling pressure. The Bigger Picture Gold's latest decline coincided with broader equity-market weakness, persistent inflation concerns, and uncertainty surrounding future Federal Reserve policy. However, price structure remains the primary guide. A rebound can change momentum. Only a structural shift can change the trend. Would you expect Gold to retest 3,960–3,990 before another decline, or could buyers build a stronger recovery from channel support?