XAUUSD: Buying Pullbacks, Bulls Aim 4.500GoldOANDA:XAUUSDDomicChainaXAUUSD is trading around $4,395; the H4 candle is currently showing a minor pullback of approximately $6 (-0.14%). Following a strong rally, gold is consolidating above the breakout zone rather than undergoing a clear reversal. Macroeconomic factors favor the bulls. Recent soft US retail sales and inflation data have dampened market expectations for a September Fed rate hike, while the USD and Treasury yields have eased slightly—creating a favorable environment for gold. On the H4 chart, the bullish structure remains intact following the breakout earlier this month. The $4,270–$4,330 zone continues to serve as key support; should the price experience another pullback but find buying interest at this level, I lean towards the scenario of XAUUSD extending its gains to the $4,480–$4,500 range. A risk to monitor is elevated oil prices driven by tensions around the Strait of Hormuz; this could reignite inflation expectations and somewhat limit gold's upward momentum.