Fundamental analysis of XAU/USD

The gold price is experiencing a significant decline, trading at 1923.50.
Combined with rising US Treasury bond yields, gold prices fell as the US dollar approached a six-month high. This dynamic was influenced by expectations of higher interest rates, global economic growth and concerns about China.
After Labor Day, the market is seeing a rise in U.S. Treasury bond yields, reflecting concerns about the future of the economy, especially against the backdrop of rising oil prices due to supply constraints. Wall Street is concerned that stocks could outperform Treasuries as oil prices could hit the 100.00 mark. 

The latest non-farm payrolls data points to weakness in the labor market and all eyes are on the upcoming U.S. Federal Reserve monetary policy meeting. Despite signs of a possible interest rate hike, the broader market outlook, supported by the views of Federal Reserve Board of Governors member Christopher Waller, suggests that rates are likely to remain unchanged. 
Future key data include the services PMI and global PMI. Finally, general concerns related to China may continue to influence traders' decisions and expectations on XAU/USD. Reports of a slowing global economy have drawn investors' attention to the US Dollar, who see it as a more reliable option than gold. The correlation between rising U.S. interest rates and Treasury bond yields increases the cost of holding non-income-producing gold. With a strengthening dollar and upcoming policy decisions, gold's outlook now looks bearish. 
Technical analysis and scenarios:

The alligator suggests that we are in a downtrend as evidenced by its wide open jaw. The jaw (blue line) above the lips and teeth (green and red lines) further confirms this indication. Both the Awesome Oscillator (AO) and Accelerator Oscillator (AC) are in the gray zone, indicating divergence. However, it is important to note that this is not a strong signal to start trading.
Main scenario (SELL)
Recommended entry level: 1915.00.
Take Profit: 1905.00.
Stop Loss: 1920.00.
 
Alternative scenario (BUY)
Recommended entry level: 1931.00.
Take profit: 1938.00.
Stop loss: 1927.00.