XAUUSD: Sellers Remain in Control Below the Downtrend LineGoldOANDA:XAUUSDParadise_NoirXAUUSD continues to trade within a downtrend on the H1 timeframe; price has been rejected below the downtrend line and remains beneath the Ichimoku Cloud, indicating that bearish momentum has not yet subsided. The 4,040 level currently acts as immediate resistance. If buyers fail to reclaim this area, selling pressure is likely to push the price down toward the 3,980 support zone. Fundamentally, gold remains under pressure as the market anticipates the Fed will maintain high interest rates, while US bond yields and the US dollar continue to rise. Reuters also reports that surging oil prices have sparked inflation concerns, causing investors to scale back expectations for an early easing of monetary policy by the Fed. Although geopolitical tensions continue to support safe-haven demand, this factor is currently insufficient to offset the pressure from yields and the dollar. The preferred scenario is to wait for a price rebound to test the 4,040 level or the downtrend line. If a clear rejection signal emerges there, XAUUSD is likely to resume its decline toward 3,980. The bearish scenario would only be significantly weakened if the price closes above 4,040 on the H1 chart and breaks through the downtrend line. Invalidation scenario: An H1 close above 4,040 and a move above the downtrend line would invalidate the current bearish outlook.