XAUUSD: Every Rally Is Getting SoldGoldOANDA:XAUUSDParadise_NoirXAUUSD is entering a phase where the market is beginning to accept value at lower prices. Recovery attempts are still occurring, but they have yet to attract enough capital to reverse the broader direction. Meanwhile, expectations that U.S. interest rates will remain elevated, together with continued dollar strength, are reducing gold’s relative appeal. In this environment, I do not see lower prices alone as a reason to buy; what matters more is whether genuine demand begins to absorb the existing supply. On the H1 chart, this repricing process is becoming increasingly visible. XAUUSD continues to form lower highs beneath the descending trendline, while the Ichimoku structure remains above price. More importantly, the 4,300 area, which previously acted as support, has now been lost. When an important price zone shifts from an area defended by buyers into one where sellers can potentially distribute again, the bearish structure often has room to extend further. For that reason, I am using 4,300 to judge the quality of any recovery. If Gold returns to this area but fails to establish acceptance above it, I would take that as a sign that the market is still unwilling to pay higher prices for Gold. In that case, the correction could extend toward 4,250, where demand may face a more meaningful test. I still prefer selling the rally, but I have no interest in chasing Gold after an extended decline. The thesis is not simply “the trend is down, so keep selling.” I want to see a failed recovery, rejection of higher prices, and sellers continuing to control the repricing process. As long as XAUUSD remains unable to reclaim 4,300 and break the descending trendline, the bearish structure continues to hold the advantage.