Gold bears have the upper hand while below the 200-day EMA support-turned resistance

From a technical perspective, last week's failed attempts to clear the 200-day Exponential Moving Average (EMA) support-turned-resistance, and the subsequent fall, favor the XAU/USD bears. Moreover, the Relative Strength Index (RSI) hovers in the upper-30s, hinting at subdued buying interest. Adding to this, the Moving Average Convergence Divergence (MACD) remains in negative territory with a modestly negative histogram, suggesting that downside momentum is easing but not yet reversed.