XAUUSD London briefing — 2026-09-22

BIAS BEARISH. D1 structure, H4 EMA, and H1 EMA combine to drive downside; H1 FVGs reinforce lower momentum despite H4 FVG bullish noise. KEY LEVELS R: 4350, 4400, 4514.11 | S: 4300, 4250, 4238.37 NEWS 🟡 ADP Employment Change 4-week avg (12:15 UTC) 🟡 Redbook Index YoY (12:55 UTC) 🟡 Richmond Fed Manufacturing (14:00 UTC) SESSION OUTLOOK ADP and Redbook data may spike USD volatility. Watch 4300 hold; breaks below confirm bearish continuation toward 4250.

Key Levels

R: 4350.00 · 4400.00 · 4514.11

S: 4300.00 · 4250.00 · 4238.37