Weekly XAUUSD ReviewGoldOANDA:XAUUSDBlake_goldGold saw a sharp unilateral decline earlier this week, followed by a bottoming corrective bounce after data releases on Thursday and Friday, while the broader bearish trend remained intact throughout the week. 1. Monday to Wednesday: Sustained downside driven by short sellers Markets priced in hawkish Federal Reserve expectations ahead of time amid an anticipated rise in core PCE inflation and upward revisions to Q1 GDP. The 10-year US Treasury yield stayed elevated, lifting holding costs for non-interest-bearing gold and triggering persistent outflows from gold ETFs. Gold prices slid steadily from above 4180 at the start of the week, breaking key thresholds at 4100 and 4000 before hitting a low near 3960. Consecutive large bearish candlesticks formed with little buying support; every minor rebound faced swift selling pressure and faded quickly. 2. Thursday evening: Technical relief rally after bearish news priced in The May core PCE year-on-year print released at 20:30 came in at 3.4%, matching market consensus and hitting a two-year high, alongside a revised-up final Q1 GDP reading of 2.1%. With no worse-than-expected data prints, markets traded the "buy the rumor, sell the fact" dynamic. The US dollar and Treasury yields edged down together, as mass short covering lifted gold off its 3978 low to around 4022. 3. Late-week price action Heavy trapped sell-side liquidity accumulated between 4025 and 4050 during European trading hours. Repeated attempts to break through the 4045-4050 resistance zone failed to hold above the level. Daily charts closed only small corrective bullish candles, with bearish moving averages and the broader descending channel fully intact. The bounce was merely a short-term recovery from oversold conditions with no signals of a full trend reversal, leaving the market in a state of long-term bearish bias paired with short-term sideways consolidation at lower levels.