XAUUSD has paused following a strong rally and a reaction near the short-term resistance zone. However, the price remains above key support levels, and the bullish structure is unbroken, indicating that current profit-taking pressure is insufficient to reverse the trend.

Fundamentally, the US dollar remains under pressure due to expectations of future Fed easing, while safe-haven demand continues to drive capital inflows into gold. These factors provide a positive backdrop for the short-term uptrend.

I favor a scenario where the price pulls back to the 4,230 level to absorb buying interest before extending gains toward 4,340. As long as this support zone holds, the bullish outlook remains the most likely scenario.