XAU/USD: Bears Lock in Descending Channel

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Source: Dukascopy Bank SA
XAU/USD chart displays a descending channel, reflecting a consistent downward-sloping price structure. The market is currently trading near 4003.06, positioned between the channel's upper boundary and the horizontal support level at 3990.00. While the recent price action rejected the upper channel boundary to push the market lower, a notable lower wick on the most recent candle indicates that buyers reacted near the 3990.00 horizontal floor, leaving the immediate direction in a state of consolidation.



From a technical perspective, two primary scenarios present themselves as the price compresses. A sustained close below the 3990.00 support level would confirm a continuation of the bearish structure, opening the path toward the lower channel boundary near 3930.00 to 3940.00.
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