XAUUSD London briefing — 2026-07-31

BIAS BEARISH. RSI neutral at 51.96 but H1/H4 EMAs divergent with D1 structure flat suggests downside setup into resistance. KEY LEVELS R: 4100, 4150, 4165.68 | S: 4050, 4000, 3961.81 NEWS Employment Cost Index 🟡 12:30 UTC | Chicago PMI 🟡 13:45 UTC | Michigan Consumer Expectations 🟡 14:00 UTC SESSION OUTLOOK Watch USD strength from three medium-impact prints. Break below 4050 confirms bearish bias; hold above 4100 invalidates it.

Key Levels

R: 4100.00 · 4150.00 · 4165.68

S: 4050.00 · 4000.00 · 3961.81