From a technical perspective, gold prices remain within a clear upward channel, with the medium-term bullish structure remaining intact. Prices continue to trade above major moving averages, indicating a generally strong market trend and a high tolerance for pullbacks.

The recent acceleration in gold prices and the new highs reflect the bulls' significant initiative, supported by positive fundamentals. The $4280 area forms the primary support for any short-term pullback; this level represents both the lower edge of the recent consolidation range and psychological support.

If gold prices experience a technical pullback, as long as this level holds, the overall bullish trend is likely to continue. Further downside, the $4200 psychological level is a key previous breakout platform and a crucial area for bullish defense. If the pullback stops here, the market is more likely to view it as a healthy correction within the uptrend.

On the upside, the first resistance level for gold is currently around $4350, a region where the short-term target and psychological level coincide. A breakout with significant volume, supported by fundamentals, could see gold prices further test the $4400 psychological level. This position not only holds strong psychological significance but also approaches the upper edge of the upward channel. Failure to hold this level could trigger a pullback due to profit-taking at higher levels.

Overall, technical and fundamental factors remain in sync. As long as gold prices remain above key support levels, the trend is likely to continue its upward momentum. High-level consolidation is more likely to be seen as a correction within an uptrend than a trend reversal signal.

The core driver of current gold price increases remains the expectation of a Fed rate cut and declining real interest rates. Market sentiment is cautiously optimistic ahead of key US economic data releases.

In the short term, increased volatility at higher levels should be monitored. However, as long as the logic of policy easing remains valid, gold still offers value for buying on dips. The medium-term trend will depend on whether US employment and consumption data truly indicate an economic slowdown. #XAUUSD