XAUUSD – Is 4,793 the Trap Before a Drop Back to 4,667?

Price continues to trade within a controlled bearish range, defined by consistent lower highs and a clear upper boundary at 4,793. This level is acting as a weak high, and so far, buyers have failed to reclaim it with conviction.

The current bounce from 4,667 appears corrective. Price is now pushing back into the 4,760–4,793 zone, where previous supply has been active. I’m leaning bearish below 4,793, expecting this area to cap the move and maintain the existing structure.

If price stalls within this zone and rotates lower, the primary downside target remains 4,667. A break beneath that level would confirm continuation and open space for a deeper extension as the range resolves to the downside.

The structure remains intact unless price breaks and holds above 4,793. A sustained move beyond this level would invalidate the bearish bias and suggest that the range is no longer holding, shifting control back to buyers.