XAUUSD is consolidating within a converging triangle pattern, yet the underlying structure remains bearish as the price consistently forms lower highs beneath the trendline.
The 4,060–4,066 zone acts as key resistance, while 4,024–4,025 serves as the immediate support. If the price rallies to the resistance level but faces rejection, sellers could push gold back down to test the 4,024 mark; a decisive break below this level would extend the downward momentum.
The macroeconomic backdrop is not currently supportive of gold, as the USD and US yields continue to exert pressure ahead of the PPI data release.
Suggested strategy: Prioritize SELL positions around 4,060–4,066 with a target of 4,024; invalidate the trade if the price closes firmly above the resistance zone.