Gold is still accumulating above the rising trendline, showing that buyers have not lost the structure even though the price has not been able to escape the falling resistance line.

I am inclined to the possibility that XAUUSD has one more correction to 4,015–4,030 before buying power returns.

The key confirmation point is around 4,080–4,090. If price bounces off support and closes the H2 candle above the downtrend line, the current compression zone could end, paving the way for XAUUSD towards 4,120, then the main target at 4,150.508.

The macro backdrop is mildly supportive to the upside as the USD remains near a two-month low, while US–Iran tensions continue to maintain defensive demand for gold.

Buy observation zone: 4,015–4,030
Confirmation: H2 closes above 4,090
Near target: 4,120
Main target: 4,150,508
Invalid: H2 closes below 4,000