On the H4 chart of XAUUSD, the market has been carving a descending channel since early June, with lower highs and lower lows confirming a bearish bias. The 4180‑4195 zone has acted as a robust resistance ceiling. The most recent candles show a pull‑back from the 4180 peak, closing near 4174 with negligible volume, followed by a modest recovery to 4172 on moderate volume. Volume spikes earlier in the run‑up (e.g., 85 k and 68 k) underline the strength of the prior rally, while the current thin volume suggests waning buying pressure. A break below the 4150‑4145 swing low would…

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