XAUUSD — Sell the Fibonacci RetestGoldOANDA:XAUUSDXAU_Macro_PulseFundamental Analysis Gold remains supported by fiscal concerns and safe-haven demand, but July PCE inflation held at 3.7% year-on-year, keeping Fed tightening risk alive. Markets are now focused on Fed Chair Kevin Warsh’s Jackson Hole speech, which could drive the next move in the USD, Treasury yields, and gold. Technical Analysis On the H1 chart, XAUUSD is trading near 4,589 after breaking below the previous 4,600 support structure. Price is now below the Fibonacci 0.382 level and may recover into the 4,605–4,615 sell zone, where Fibonacci 0.5–0.618 resistance and previous structure converge. If this area rejects, sellers could push gold back toward 4,586 before extending into the 4,558–4,570 demand zone. Important Key Levels Current price: 4,588.62 Main sell zone: 4,605–4,615 Short-term support: 4,580–4,587 Short-term resistance: 4,605–4,615 Liquidity area: 4,558–4,570 Main target: 4,558–4,570 Invalidation: above 4,628 Trading Scenario Main Sell Setup Entry: 4,605–4,615 Stop Loss: 4,630 Take Profit 1: 4,586 Take Profit 2: 4,575 Take Profit 3: 4,558–4,570 Sell Condition Wait for price to recover into the Fibonacci sell zone and show bearish confirmation. A long upper wick, bearish engulfing candle, failed reclaim, or H1 close back below 4,605 may confirm renewed seller pressure. If price breaks and holds above 4,628–4,630, the bearish setup is no longer valid. Overall View The short-term H1 structure favors a corrective bearish move while XAUUSD remains below the 4,605–4,615 value zone. The preferred plan is to avoid chasing the decline near current price and wait for a clean retracement into resistance before targeting 4,586 and the deeper demand around 4,558–4,570. Do you expect gold to retest 4,605–4,615 before moving toward the demand zone?