XAU/USD — 5min — SELL setup (Pepperstone)

Gold is trading at 4,035.80, down slightly off the session high of 4,093.95, after a clean structural rejection from the 4,090–4,093 supply zone where price first spiked and immediately reversed.

Structure: Price broke down from the highs in a strong impulsive leg, dropping over 75 points into the 4,016.91 low before consolidating and staging a corrective bounce. That bounce failed to reclaim the marked supply zone (4,040–4,065), confirming sellers are still defending this level — the setup marked on the chart calls for a SELL back toward the recent low, targeting a retest of 4,016–4,020.

Key levels:

Resistance / supply zone: 4,040 – 4,065
Session high: 4,093.95
Session low: 4,016.91
Current price: 4,035.80

Momentum (RSI): RSI is sitting at 59.83, printing a rising trendline off the 30 oversold zone earlier in the session — but it's now approaching the same resistance structure that capped the previous rally near the highs. A rejection here from RSI would mirror the price-based supply rejection and add confluence to the downside bias.

Bias: Bearish continuation while price holds below the 4,040–4,065 zone. A confirmed break and close back above 4,065 would invalidate the sell thesis and open room toward 4,090 again.

⚠️ For educational purposes only. Not financial advice — always manage your risk.