XAUUSD LONG · COMMODITIES

XAUUSD on the H1 chart has been in a prolonged downtrend from above 4300, with price currently consolidating near the 0.236 Fibonacci retracement level at 4020.25 measured from the broader swing range. Key resistance levels are clustered at the 0.764 (4156.38) and 0.886 (4187.83) Fibonacci zones, which represent logical areas for potential supply reactions on any recovery. The market structure indicates a base-building phase near the swing low, with the 3959.41 level serving as the critical structural reference below current price.