XAUUSD – Market Structure Still Weak Below PremiumGold (XAUUSD)CAPITALCOM:GOLDSergiu_SmartMoneyXAUUSD still shows weakness on H1 after rejecting from the premium zone and weak high at 4773.36. Price continues to react bearishly around PDH, and there is still no clear acceptance above EMA200 and the 4707–4718 supply area. What stands out: - Multiple short-term bearish CHoCH/BOS structures - Repeated rejection below PDM 4698 - EMA200 still acting as dynamic resistance - 4707–4718 remains a key supply zone - Downside liquidity still looks attractive for smart money Main scenario: - As long as price remains below 4707–4718, bearish pressure remains dominant - Possible continuation toward the 4654 reaction level - If that level breaks, next key targets become: - 4561 liquidity area - 4517–4525 strong demand / discount zone Alternative scenario: - Only a confirmed H1 acceptance above 4718 and EMA200 reclaim could invalidate the bearish pressure and reopen upside toward 4745–4757. Conclusion: - Current structure still favors sell-side liquidity - Market behavior looks more like slow distribution rather than strong bullish accumulation