XAUUSD is currently trading within a bearish parallel channel while approaching the key demand zone at approximately 3960-3970. The price is showing signs of buyer interest from this support area. A successful hold above the demand zone may trigger a bullish recovery towards channel resistance and key supply zone near 4180-4220. However, a breakdown below demand may extend the downward momentum.

⚠️ This analysis is based on market structure, supply and demand, and price movement. Trade with proper risk management.

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