Core Bullish RationaleGoldOANDA:XAUUSDFelix-WarrenCore Bullish Rationale 1. Underlying medium-to-long-term support remains intact US government debt continues to expand, sustaining long-term market concerns regarding the sovereign creditworthiness of the US dollar. Central banks worldwide continue to increase gold reserves to diversify away from dollar-denominated assets, ensuring persistent physical buying interest. Even with short-term pullbacks, demand for long-term accumulation on dips remains; conditions for a sustained, deep sell-off are absent. The current decline is best characterized as a technical correction within an uptrend rather than a major trend reversal. 2. Buying support at key levels has been validated The price repeatedly tested the 4580 level this week but bounced back quickly, indicating significant buying support in this zone. As long as the 4550–4580 support range—characterized by high volume concentration—holds, the bullish structure on the weekly chart remains intact, leaving room for a rebound and recovery after the pullback stabilizes. 3. Market anticipates a neutral tone in upcoming remarks Market expectations factor in a scenario where Warsh maintains a neutral, data-dependent communication style, avoiding hawkish signals regarding rate hikes or further tightening of interest rate outlooks. Should the remarks remain neutral, gold bulls—previously suppressed—could see an opportunity for a recovery rally, potentially allowing prices to retest the 4640–4660 resistance zone. 4. Inflation is sticky but not completely out of control While PCE figures exceeded optimistic forecasts, there has been no massive inflationary spike, and the market has not entirely abandoned expectations for rate cuts. If subsequent US consumption and employment data continue to weaken, rate-cut expectations could resurface, driving down real yields on US Treasuries and reigniting upward momentum for gold.