XAUUSD has just experienced a strong rally and is approaching the resistance zone around 4,140. Although a brief pullback is possible, the current trend remains positive; the rising support line is holding, and underlying Fair Value Gaps (FVGs) could serve to absorb selling pressure.

The macroeconomic backdrop also supports gold, as the US dollar weakens and US yields ease amidst market expectations that the Fed might adopt a softer stance if economic data continues to underperform.

My preferred scenario is a pullback to the 4,070 level, followed by a recovery and a continued push toward 4,140. A decisive break below this support zone would weaken the short-term bullish outlook.