Gold continues to maintain a constructive structure after its strong recovery from the 4,100 USD zone, currently trading around 4,345 USD/oz on the H4 chart. Technically, the bullish structure remains intact as previous Fair Value Gaps (FVG) below price are still unfilled and price continues to respect the upper boundary of the Ichimoku cloud (Kumo). As long as price stays above 4,300 USD, upside potential toward 4,400–4,450 USD remains valid. However, a healthy retest toward 4,200–4,100 USD (overlapping FVG + lower Kumo boundary) should not be ruled out as part of liquidity collection.

On the macro side, fundamentals continue to support the bullish bias. Reuters reported gold gained over 2% in the latest session as markets increased bets on Fed rate cuts amid cooling economic signals in the US. Concerns over a potential US government shutdown also boosted demand for safe-haven assets. HSBC recently raised its gold forecast for 2025–2026, citing strong central bank accumulation, while Goldman Sachs emphasised that this rally is driven by genuine capital flows—not emotional fear. Financial Times, however, noted that the “debasement trade” effect (gold rising strongly due to a weaker USD) has yet to fully ignite, suggesting the uptrend still has room to extend.

I remain bullish overall. Above 4,300 USD, buying pullbacks remains my preferred strategy, targeting 4,400–4,450 USD initially and potentially 4,500 USD if momentum strengthens. A dip towards 4,200 USD would not negate the trend—instead, it would provide a better accumulation opportunity. If trading this setup, I would protect long positions with a stop-loss below 4,200 USD given upcoming high-impact events such as US GDP, CPI and Fed speeches.

In short, gold continues to follow a medium-term uptrend. Rather than chasing tops, it is wiser to wait patiently for clean entry points and trade with the trend, not against it.