Following a strong rally, XAUUSD is entering a brief corrective phase just below the resistance zone of the rising price channel. Despite profit-taking pressure, the bullish structure remains intact, as the price continues to form higher lows without breaching the nearest support level.

Fundamentally, the US dollar remains under pressure due to expectations of a less hawkish Federal Reserve, while safe-haven demand persists amidst economic and geopolitical uncertainties. These factors continue to provide positive support for gold in the short term.

I favor a scenario where the price pulls back to the 4,230 support zone to absorb further buying interest before resuming its upward momentum toward 4,335. The bullish outlook would only weaken if this support level were decisively broken.