XAUUSD London briefing — 2026-05-04

BIAS BEARISH. D1 structure confirmed by aligned H4/H1 bearish EMAs; RSI neutral supports downside continuation without overbought resistance. KEY LEVELS R: 4600, 4650, 4887.93 | S: 4550, 4539.67, 4500 NEWS 🟡 Factory Orders (MoM) USD – 14:00 UTC 🟡 3M/6M Bill Auctions USD – 15:30 UTC SESSION OUTLOOK London opens near resistance at 4600. Factory Orders catalyst may trigger downside acceleration toward 4550 support. Watch bill auction reaction for USD strength confirmation. PRO UNLOCKS Entry 4598 SL 4615 TP1 4560 TP2 4520 | FVG 4610-4595 | Liquidity sweep 4650 | Fib 0.618 at

Key Levels

R: 4600.00 · 4650.00 · 4887.93

S: 4550.00 · 4539.67 · 4500.00