We have recently discussed the shift of XAU/USD's price action in 2017 from a bullish trend to a sideways one and now to possibly a bearish one. XAU/USD Daily Chart(click to enlarge)Shifting Trends:- The daily chart shows how price flattened after reaching 1295.- Then in July, price fell below a range support. This is a clue that the trend could have shifted to bearish mode. - However, the bearish scenario has not materialized. Instead there was a rebound.Key Resistance:- As price rebounds, the 1260 level is a key resistance. - It represents the central pivot of the prevailing range. If price holds under it, the bearish bias still holds.- Also, the RSI should hold under 60 if the market is turning bearish. Downside:- So far, we do see some selling from the 1260 spot, so XAU/USD still has a bearish bias with downside towards at least 1195-1200. - More aggressive bearish targets would be 1180, then the 2016 low around 1122.50.