XAUUSD is continuing to move within a clearly defined descending channel on the H1 timeframe. The price structure shows that the Bears still control the market as each pullback is rejected right at the upper trendline.
Currently, price is reacting around the confluence zone between the dynamic resistance line and the previous distribution area. There is no sign that buying pressure is strong enough to break the descending channel. Instead, price action is showing weakness and hesitation from the buyers.
The support zone around 2,955 continues to serve as the final foothold for the current downtrend. If this area is breached, the sell-off could accelerate sharply, pushing price toward the 2,880 region, where the lower boundary of the channel quietly awaits.
Until the technical structure changes, the downtrend remains the main scenario. There is no reason to look for buying opportunities at this time.