XAUUSD has surged to the 4,160 level, signaling a clear return of buying pressure. Although a brief pullback may occur after hitting resistance, the underlying structure remains bullish, as the lower uptrend line remains intact.

The macroeconomic backdrop also supports gold, with the US dollar and US yields weakening, while expectations of a more dovish Federal Reserve continue to bolster demand for the precious metal.

My preferred scenario involves a pullback to the 4,040 zone, followed by a resurgence of buying interest and a continued recovery. As long as this support level holds, the bullish outlook remains intact.