XAUUSD is fluctuating within a bearish channel and repeatedly failing to break through the 4,100 level. The inability to clear the upper resistance indicates a lack of sustainable buying momentum, while nearby Fair Value Gaps (FVGs) may continue to attract selling pressure.

The macroeconomic backdrop remains unfavorable for gold, as the market awaits US economic data and expectations of the Fed maintaining high interest rates continue to support the US dollar.

If the price faces rejection again near 4,100, XAUUSD is likely to reverse and decline toward the 3,977 level, corresponding to the channel's lower boundary.

I favor a SELL scenario if signs of weakness emerge below 4,100, targeting the 3,977 level.