XAUUSD 2H Analysis: Bearish Rejection Setup Toward 4,325–4,292

2026-08-31

My current XAUUSD 2H analysis is focused on a possible bearish continuation after the recent bullish move.

Gold previously pushed strongly higher from the 4,320–4,360 demand area, eventually reaching the 4,680–4,697 resistance zone. After that move, price started showing rejection and a shift toward lower levels.
 

Key Levels

Level / Zone	Role
4,697–4,680	Major resistance / previous high
4,640–4,600	Supply & rejection area
4,585	Intermediate resistance
4,543–4,528	Key bearish retest zone
4,436–4,406	First major support
4,396	Support / breakdown area
4,325	Major downside target
4,292	Final downside target / major support

My Bearish Scenario

The projected structure suggests that price could first move into the 4,528–4,543 resistance zone for a retest. If sellers defend this area and bearish momentum continues, the next important objective is the 4,436–4,396 support zone.

A decisive break below that support could open the way toward:

4,325 → 4,292

The blue projection on the chart represents this potential path: retest → rejection → continuation lower.
 

Invalidation

The bearish idea would become weaker if price decisively breaks and holds above the 4,543–4,585 area, with stronger invalidation above the recent 4,640+ resistance structure.

Overall bias:  Bearish below the 4,528–4,543 zone, while the highlighted support areas remain important for potential reactions.

This is a technical-analysis scenario based on the chart structure, not a guaranteed price prediction or financial advice.