XAUUSD — Bearish Continuation Below EMA StructureGoldOANDA:XAUUSDXAU_Macro_PulseBearish Continuation Below EMA Structure, Sell View Remains Preferred Fundamental Analysis Gold is still trading in a sensitive macro environment as market participants continue to watch the U.S. dollar, Treasury yields, and upcoming U.S. economic data. Any shift in Fed expectations may create short-term volatility, especially around major liquidity zones. For now, the broader market tone does not show enough strength to confirm a clean bullish reversal on gold. As long as the U.S. dollar remains supported and gold fails to reclaim key technical resistance, upside reactions may still be treated as corrective pullbacks within a bearish structure. Technical Analysis On the 4H chart, XAUUSD remains under pressure below the EMA 34, EMA 89, and EMA 200. This confirms that the current trend structure is still bearish, with sellers maintaining control below the main dynamic resistance area. The EMA 34 and EMA 89 are acting as near-term resistance, while the EMA 200 remains above price as a stronger trend filter. Every recent recovery attempt has been rejected before a clear bullish structure could form. This suggests that the market is still respecting the downside bias. The descending trendline from the previous swing highs also continues to cap the upside. Price has not broken this trendline with conviction, and as long as gold remains below both the trendline and EMA cluster, the preferred approach is to wait for sell opportunities on pullbacks rather than chasing entries at the lows. From an ICT perspective, the key area to watch is the bearish order block around 4,518 - 4,542. This zone is aligned with the EMA resistance area and sits below the buy-side liquidity resting near 4,592 - 4,608. If price pulls back into the order block, sweeps liquidity, and then rejects, it may offer a cleaner bearish continuation setup. Current sell-side liquidity is located around 4,487 - 4,470. A clean bearish displacement below this area could open the way toward 4,443, followed by the deeper liquidity zone around 4,360 - 4,320. If downside momentum expands further, the larger low around 4,102 remains a major liquidity level to monitor. Important Key Levels Near resistance: 4,518 - 4,542 Bearish order block: 4,518 - 4,542 Buy-side liquidity: 4,592 - 4,608 EMA resistance area: 4,526 - 4,595 Current sell-side liquidity: 4,487 - 4,470 Short-term support: 4,443 - 4,440 Next downside target zone: 4,360 - 4,320 Major low liquidity: 4,102 - 4,101 Trading Scenario Main Sell Scenario Entry: 4,518 - 4,542 Stop Loss: 4,565 Take Profit 1: 4,487 Take Profit 2: 4,443 Take Profit 3: 4,360 Sell Condition The preferred setup is to wait for price to pull back into the 4,518 - 4,542 resistance zone, where the bearish order block, EMA resistance, and trend structure are aligned. A sell setup becomes more valid if price shows bearish rejection from this area, such as a failed breakout, long upper wick, bearish engulfing candle, or a sweep above short-term buy-side liquidity followed by a return below the order block. Selling directly at the lows is less attractive because price is already close to short-term sell-side liquidity. A pullback into resistance would offer a cleaner structure and better risk-to-reward conditions. Alternative Scenario — Invalidation Only This is not the main buy view. However, if gold closes strongly above 4,565 on the 4H chart and holds above the EMA/order block area, the current sell setup should be considered invalid. In that case, price may extend its recovery toward 4,592 - 4,608 before a new structure forms. Entry Conditions Do not enter only because price touches a level. Wait for confirmation from price action before taking any position. The best sell condition is a pullback into resistance followed by clear rejection. If price breaks and holds above 4,565, the bearish setup is no longer valid. Risk management is essential because gold can create sharp liquidity sweeps before choosing direction. Overall, the main view remains bearish while XAUUSD trades below EMA 34, EMA 89, EMA 200, and the descending trendline. The cleaner plan is to stay patient and wait for a pullback into resistance before looking for sell confirmation. Do you share the same bearish view on gold, or are you waiting for stronger confirmation before taking a position?