Bearish Continuation Toward Deep DiscountGoldOANDA:XAUUSDGold_Prime_SmcMarket Context Gold remains under pressure as rising oil prices are increasing inflation concerns and reinforcing expectations for a higher-for-longer rate environment. Markets currently see only around a 15% chance of an October Fed hike, but roughly 91% probability of a December increase. The October 27–28 Fed meeting and next week’s PCE inflation data remain key catalysts for repricing. SMC View The chart maintains a bearish structure after rejection from the HTF Bearish OB and a clear MSS followed by BOS to the downside. Price has now broken below the Failed Demand area and is trading beneath the descending trendline. This keeps the current delivery biased toward lower sell-side liquidity, with the HTF Demand zone acting as the next major structural area. Main Trading Scenario Bearish Continuation: If price retraces toward the Failed Demand/FVG area and sellers maintain rejection below the descending trendline, bearish delivery could continue toward the 4,078–4,083 HTF Demand zone. Acceptance back above the 4,141 Bearish OB would weaken this bearish thesis. Key Zones to Watch 4,141 — Bearish OB / near-term resistance 4,155 — Premium POI 4,187 — HTF Bearish OB 4,078–4,083 — HTF Demand / downside liquidity area 4,020–4,025 — Deep Discount POI Prime Gold View The structure favors bearish repricing while price remains below the 4,141 Bearish OB and descending trendline. The key question is whether sellers can sustain acceptance below the Failed Demand area and drive price into HTF Demand before any meaningful recovery develops.