Gold Rejected at EMA200 – Bears Still in ControlGoldCAPITALCOM:XAUUSDSergiu_SmartMoneyOverall Context Price is trading below EMA5, and EMA5 is pointing downward. The Daily structure remains bearish following the major CHoCH formed in March. The descending channel remains intact. EMA200 around 4400 continues to act as dynamic resistance. What I See Multiple bearish BOS formations have developed over recent weeks. Pullbacks are becoming weaker and are sold quickly. Price reacted precisely from the EMA200 + 0.5 Fibonacci confluence zone (~4454). Daily closed below the 0.618 Fibonacci level (~4185), signaling continued weakness. Key Resistance Levels 4185 (0.618 Fib) 4250–4280 (PDH + local structure) 4400–4455 (EMA200 + 0.5 Fib) 4550–4620 (Daily supply) Key Support Levels 4105–4120 (PDL + local support) 3980–4010 (major demand zone) 3800 (0.786 Fib) 3311 (Daily extreme level) Primary Scenario (60-70%) Friday's rebound appears to be a liquidity reaction rather than a trend reversal. As long as price remains below 4185 and below the Daily EMA5, sellers retain control. A retest of 4100 followed by a move toward the 3980–4010 demand zone remains the higher-probability path. Alternative Scenario (30-40%) If bulls reclaim 4185 decisively: 4250 4400 (EMA200) 4455 (0.5 Fib) would become the next upside targets. However, that would still be considered a corrective rally inside a broader Daily bearish trend. Conclusion EMA5 = Bearish. EMA200 = Major resistance. Daily structure = Bearish. Descending channel = Intact. Weekly opening bias remains SELL until proven otherwise.