gold’s bullish comeback: can support ignite a rally toward 4,400XAU/USD Spot - GoldFX:XAUUSDIGT_TradersGold is trading around 4,115, testing a major support zone near 4,060–4,100 after an extended bearish move. The chart shows repeated reactions around this area, suggesting that buyers may attempt to defend the lows. The Supertrend level near 4,096 is another important level to watch. If gold holds support and forms a bullish change of character (CHoCH), followed by a break of nearby resistance, a recovery toward 4,200–4,245 could develop, with 4,300 and 4,400 as further upside targets. However, the broader 4-hour trend remains bearish until price confirms a structural reversal. Fundamental factors supporting a possible bullish recovery: 1) Weaker U.S. dollar: The dollar fell to a three-week low on October 21, 2026, while Treasury yields eased. Continued dollar weakness could support gold's recovery. 2) Safe-haven demand: Geopolitical uncertainty can encourage investors to seek gold as a defensive asset. However, easing tensions could reduce this support. 3) Central-bank buying: Strong central-bank demand remains a longer-term supportive factor for gold. Key risk: Higher oil prices may keep inflation elevated and encourage tighter Federal Reserve policy, potentially putting renewed pressure on gold. Conclusion: The technical setup offers a possible recovery from support toward 4,200, 4,245, 4,300 and 4,400, but buyers need to reclaim resistance and confirm a bullish structure shift. Fundamental conditions are mixed, so this remains a conditional bullish scenario rather than a confirmed reversal.