Today, Thursday, gold (XAU/USD) retains a bearish bias for the third day in a row (and the sixth time in the last seven days), trading below the psychologically important $4,000 level.

Further confirmation of the bearish scenario is the price holding below $4,000. Given recent failed attempts to clear the 100-period simple moving average (SMA) on the 4-hour chart, the breach of the yearly low and the $4,000 level during overnight trading became an additional signal reinforcing bearish sentiment for XAU/USD.

At the same time, the Relative Strength Index (RSI, 14-period) is in oversold territory, which indicates a slowdown in downward momentum. For this reason, it makes sense to wait for a short?term consolidation or a modest rebound before opening positions targeting further declines.

Negative MACD readings (below the zero line) and their deterioration point to protracted market weakness, suggesting upside attempts may face resistance while XAU/USD trades well below the 100-period SMA (near $4,258).

In the current environment, any decisive recovery above $4,000 will likely attract new sellers in the $4,055–$4,060 area, where the 14-EMA runs on the same chart, limiting the instrument's upside potential near $4,100.

To ease bearish pressure, bulls need to overcome the 20-SMA barrier around the $4,100 round level; that would open the door to a more sustained move toward the 100-period SMA, which stands as the key resistance.