Comprehensive Bullish Support RationaleGoldOANDA:XAUUSDMilo-BlakeComprehensive Bullish Support Rationale (Support levels by timeframe + Drivers) 🔵1. Macro Fundamentals: Triple confirmation of an inflation turning point; rate hike expectations cool significantly Tuesday saw the first month-on-month CPI decline in six years; Wednesday’s PPI unexpectedly fell; and Friday’s University of Michigan one-year inflation expectation dropped from 4.6% to 4.2%. With inflation expectations weakening across the board—from upstream and downstream sectors to consumers—the market slashed the probability of a July rate hike from over 50% to under 15%. The upward trend in long-term US Treasury yields has paused for now, easing the opportunity cost pressure on non-yielding assets like gold; this serves as the core fundamental support for a short-term rebound next week. 🚀2. Capital Flows: Bearish selling pressure cleared; buying interest emerges at lows The SPDR Gold ETF halted its streak of large-scale reductions, recording a small net inflow at the 3968 low, indicating institutional funds are no longer actively driving prices down; Most long stop-loss orders from CFTC speculative funds were triggered after the price broke the 4000 mark; with short positions having secured substantial profits, concentrated short-covering on Friday provided buying support; Central banks worldwide are maintaining a steady pace of gold purchases, with the People's Bank of China increasing its holdings for 20 consecutive months. The 3946 level has historically seen bulk buying by central banks, forming a "final line of defense" for the weekly-level bottom. 🌎3. Technicals: Long lower shadow on the weekly chart + short-term oversold conditions; ripe for a rebound The weekly candle closed with a lower shadow exceeding $40, signaling strong buying support at lower levels and the exhaustion of unilateral bearish momentum; Indicators on the 4-hour and 1-hour charts reached extreme oversold levels at the 3968 low, and the early stages of a bullish MACD divergence are emerging. The market is likely to prioritize a technical rebound upon opening next week, though this should be viewed strictly as a corrective bounce following a decline, not a reversal of the bear market.