Descending Structure Favors Another Liquidity Sweep LowerGoldOANDA:XAUUSDGForecastXAUUSD — Intraday Sell-the-Rally Scalp Gold remains inside a short-term descending structure, while the current recovery is approaching a technically important resistance cluster. The preferred approach is not to chase price lower, but to wait for a retracement into the 4151.4–4163.1 area and look for bearish confirmation. Technical Structure Price continues to respect the descending intraday trendline. The 4151.4–4163.1 region combines local supply, previous reaction levels and descending resistance. The recent rebound has not yet produced structural confirmation of a bullish reversal. As long as price remains below the main invalidation level, rallies can still be treated as corrective movements within the current bearish structure. Preferred Scalp Sell Zone: 4151.4–4163.1 A move into this area alone is not sufficient for execution. The preferred trigger would be: A liquidity sweep into the zone. Failure to establish acceptance above 4163. M5/M15 bearish displacement or bearish CHoCH after the sweep. Rejection back below the descending resistance structure. If confirmation develops, the downside liquidity objectives remain: TP1: 4100.3 — nearest intraday liquidity/support. TP2: 4066.5 — previous structural low and secondary liquidity target. Extension: 4042–4014 — major HTF support area if downside momentum expands. Invalidation: 4184.2 A sustained 30-minute acceptance above 4184.2 would invalidate the current bearish scalp thesis. A simple wick above resistance would be less important than genuine acceptance and continuation above the level. Macro Context The fundamental environment remains mixed. High U.S. Treasury yields and expectations that the Federal Reserve may still need additional tightening continue to increase the opportunity cost of holding non-yielding gold. At the same time, geopolitical uncertainty, higher oil prices and concerns surrounding government debt continue to provide structural safe-haven demand. This creates a two-sided environment: Higher yields / tighter Fed expectations = bearish pressure on gold. Geopolitical and fiscal risk = support underneath gold. Therefore, this setup should be viewed primarily as an intraday tactical short, rather than a structural bearish call on gold. Bullish Alternative If price establishes acceptance above 4163 and subsequently reclaims 4184.2, the sell setup should be abandoned. That would indicate a failure of the descending structure and increase the probability of a larger corrective move higher. Conclusion Current structure favors selling a confirmed rejection from 4151.4–4163.1. No rejection = no short. Below 4184.2, the primary downside objectives remain 4100.3 and 4066.5, with 4042–4014 acting as the major higher-timeframe support zone.