XAUUSD Structure

Bearish continuation still active. Bounce failed quickly. Price remains near session lows around 4631 after sharp selloff from 4698. No bullish structure shift yet.

Zones

Supply: 4635–4641 (immediate bounce cap)

Major Supply: 4648–4655

Demand: 4622–4626 (fresh low zone)

Major Demand: 4615–4620

FVG: 4633–4638 bearish imbalance

BULLISH

Only if strong reclaim above 4641 + hold retest.

Momentum

MACD deeply bearish though histogram slightly slowing

Stoch RSI bouncing from oversold = only relief bounce for now

Trend remains down

WAIT → SELL 4635–4639 rejection | TP 4626 / 4620