XAUUSD remains confined within a downward-sloping channel, with recent rallies repeatedly stalled ahead of the 4,100 level. The failure to establish a higher high indicates a lack of sustained buying momentum, leaving sellers in control.

The fundamental backdrop remains unfavorable for gold, as expectations of the Fed maintaining high interest rates—combined with a "wait-and-see" sentiment regarding US labor data—continue to support the US dollar.

The preferred scenario sees the price retesting the 4,100 level, facing rejection, and subsequently retreating toward the demand zone around 4,020.

Current stance: Favor selling (shorting) if XAUUSD weakens below 4,100, targeting the 4,020 level.