XAUUSD — Sell the Fibonacci Trendline RetestGoldOANDA:XAUUSDXAU_Macro_PulseFundamental Analysis Gold remains sensitive to a firm U.S. dollar and persistent inflation concerns ahead of Fed Chair Kevin Warsh’s Jackson Hole speech. July PCE inflation held at 3.7%, keeping the possibility of further Fed tightening alive and supporting short-term pressure on gold, although policy uncertainty may keep volatility elevated. Technical Analysis On the H1 chart, XAUUSD is trading near 4,598.62 inside a short-term descending structure. Price remains below the resistance trendline after rejecting the 4,643 area, while the preferred sell zone sits at 4,613–4,626, where Fibonacci 0.618–0.786 resistance and previous supply overlap. If price retraces into this zone and fails to reclaim the trendline, sellers may push gold toward 4,594, then 4,583 and the deeper demand around 4,545–4,564. Important Key Levels Current price: 4,598.62 Main sell zone: 4,613–4,626 Short-term support: 4,582–4,594 Short-term resistance: 4,613–4,626 Liquidity area: 4,545–4,564 Main target: 4,545–4,564 Invalidation: above 4,643 Trading Scenario Main Sell Setup Entry: 4,613–4,626 Stop Loss: 4,648 Take Profit 1: 4,594 Take Profit 2: 4,583 Take Profit 3: 4,545–4,564 Sell Condition Wait for price to recover into the Fibonacci sell zone and show bearish confirmation. A long upper wick, bearish engulfing candle, failed trendline reclaim, or H1 close back below 4,613 may confirm renewed seller pressure. If price breaks and holds above 4,643–4,648, the bearish setup is no longer valid. Overall View The H1 bias remains corrective bearish while XAUUSD trades below the descending resistance trendline. The preferred plan is to avoid chasing near current support and wait for a retracement into 4,613–4,626 before targeting 4,594, 4,583 and eventually the 4,545–4,564 demand zone. Do you expect gold to retest 4,613–4,626 before the next move lower?