$XAU/USD (XAUUSD.CFD)$ As expected, gold faced resistance ahead of the European session at the 4-hour MA20; short positions opened earlier have secured profits and are now awaiting the next swing move
Short at 4058, take partial profit at 4038 for a 20-point gain
Current price is 4025; having captured 33 points, continue holding with a swing target at 4008
The market’s stance on 'interest rate hikes' combined with recurring 'geopolitical tensions' are the primary drivers currently affecting sentiment; we need to wait until September to see whether the market clearly signals 'rate changes' or if geopolitical developments continue to shift in the interim
From a technical perspective, price action has gradually completed a base formation below 4000; in the near term, use the 4-hour MA20 as a guide for timing entries
However, a genuine trend reversal will require the daily and weekly charts to decisively reclaim their moving averages




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