Despite multiple attempts to rebound, XAUUSD has failed to break past the resistance zone around 4,108—a level where a downtrend line converges with a zone of previous selling pressure. Repeated rejections at this area indicate that sellers remain in control.

Meanwhile, the US dollar remains strong due to expectations that the Federal Reserve will maintain a cautious stance on interest rate cuts, thereby limiting capital inflows into gold.

If the 4,108 level holds, I expect XAUUSD to weaken and retest the 4,020 support zone. Only a decisive breakout and sustained trading above this resistance would invalidate the short-term bearish outlook.