XAUUSD is showing a positive reaction around the 4,240 level, where an ascending trendline converges with the Ichimoku support zone. Following a pullback from the recent high, selling pressure has proven insufficient to break this price floor, and the short-term bullish structure remains intact.

On the macro front, a weakening USD and expectations of a less hawkish Fed continue to support gold. This reinforces the likelihood of buying interest returning, provided the 4,240 level holds.

My base case is for XAUUSD to remain above 4,240 and continue its recovery, targeting the 4,300–4,320 resistance zone. A clear bullish reaction at the trendline would serve as a stronger confirmation signal for the next leg up.

This is a personal analysis and not an investment recommendation. Please ensure you manage risk before trading.