XAUUSD — Bearish Week AheadGOLD (US$/OZ)TVC:GOLDSophie_LaneGold enters the new week with volatility risk concentrated around the July 28–29 FOMC meeting, followed by the Fed press conference. The US Q2 GDP advance estimate and June Personal Income and Outlays, including the PCE inflation data, are scheduled for July 30. These events could directly affect the US dollar, Treasury yields and short-term gold pricing. Geopolitical uncertainty may continue to provide defensive demand, but elevated oil prices and higher bond yields could reinforce inflation concerns and limit gold’s recovery. Recent market pricing still favors a Fed hold next week, although expectations for later tightening remain elevated. Technical View On the H1 chart, XAUUSD remains under a descending trendline after rejecting the 4,075–4,085 resistance zone. Price is currently trading below both the EMA 34 and EMA 89, while the faster average remains under the slower average. This structure suggests that the recent rebound has not yet developed into a confirmed bullish reversal. RSI has fallen toward 45 after failing to sustain momentum above 50. This reflects weakening buying pressure and keeps the short-term momentum tilted toward sellers. Key Levels Main resistance: 4,075–4,085 EMA resistance: 4,060–4,067 Near-term support: 4,040–4,050 Primary downside zone: 4,015–4,025 Deeper support: 3,978–3,988 Trading Scenario My primary outlook for next week remains bearish while XAUUSD stays below 4,075–4,085 and the descending trendline. A corrective rebound into the EMA structure or the main resistance zone, followed by bearish rejection and RSI weakness below 50, could support continuation toward 4,015–4,025. If sellers establish acceptance below this first downside zone, price may extend toward 3,978–3,988, where a stronger reaction could develop. Sell Condition Bearish confirmation below 4,075–4,085 would keep the continuation scenario active. A sustained H1 close above 4,085, followed by acceptance above the descending trendline, would weaken my bearish outlook and suggest that buyers are regaining control. Overall View The combination of trendline resistance, price trading below EMA 34/89 and RSI holding under 50 supports a cautious bearish bias for the coming week. Macro volatility around the Fed, GDP and PCE releases may create sharp intraday swings, so confirmation around the marked resistance remains essential. What is your view on XAUUSD next week: another rejection toward 4,020, or a breakout above 4,085?