#GOLD / $XAU is trapped beneath a monster trendline.
Three clean rejections.
Three failed breakout attempts.
And now price is grinding right under resistance again.
The bears have defended this descending trendline since the highs, and every touch has been followed by a sharp move lower. 📉
Current setup:
🔴 Resistance: $4,500-$4,600
🟢 Downside target: $3,800
⚠️ Invalidation: Clean breakout and daily close above trendline
As long as this trendline holds, the path of least resistance remains down.
One more rejection here could send
#XAU straight into the green demand zone.
The chart is telling a story—and right now, it's not a bullish one. 🐻🔥