This is a purely technical analysis of XAU/USD and does not involve fundamental factors. This should also not be interpreted as financial advice.

To start the week, we saw a volatile bullish gap at the market open. Throughout the week, price experienced multiple $100 swings between the $4,100 daily key level and the $4,000 psychological level, highlighting ranging price and accumulation.

Although the broader market structure remains bearish, price is approaching a significant daily support level at $3,950, which has been rejected three separate times over the past month. It's also worth noting that a Head and Shoulders pattern has formed on the daily timeframe.

Despite the prevailing downtrend, the higher timeframe is beginning to print higher lows, suggesting that bearish momentum may be weakening. If this sentiment continues to hold, I anticipate a move higher toward the $4,350 region.

That said, there is still potential for an intraday liquidity sweep into the $3,950 key level one last time before the market resumes a bullish move, leaving room for instraday shorts. As always, confirmation is key, and I'll be watching price action closely around this area before looking for long opportunities.