XAU TRADE TRACKGOLDEASYMARKETS:XAUUSDReal_HFXGold remains under selling pressure after failing to reclaim the key resistance zone between 4,320 and 4,380. This area coincides with the 50%–61.8% Fibonacci retracement levels of the latest bearish leg, making it a significant resistance region. The broader market structure remains bearish, as price continues to trade below the descending trendline. Every recovery attempt has been met with renewed selling interest, highlighting that sellers remain firmly in control of the market. Currently, gold is testing the important support zone around 4,040–4,100. While this area could trigger a short-term corrective bounce, the overall outlook remains bearish as long as price fails to reclaim the resistance zone and break above the descending trendline. Given that price is trading near a major support area, initiating new short positions at current levels carries elevated risk. A more favorable approach would be to wait for a corrective rally toward higher resistance levels before looking for selling opportunities. Alternatively, traders may wait for a confirmed breakdown below the support zone and then look to enter short positions on a pullback to the broken support area. As long as price remains trapped between these key support and resistance zones, choppy and range-bound price action is likely to dominate. From a fundamental perspective, Thursday’s US PCE inflation report could serve as the next major catalyst for gold. As the Federal Reserve’s preferred inflation gauge, the release has the potential to significantly influence interest rate expectations and drive the next directional move in the precious metal.