XAUUSD: Reclaim EMA, Way RecoveryGoldOANDA:XAUUSDDomicChainaXAUUSD is trading around $4,472 following a strong rebound from the $4,280–$4,300 lows. Notably, the price has reclaimed levels above the EMA34 and EMA89 (around $4,435–$4,445), signaling a clear improvement in the short-term structure. After the rapid rally, I do not favor chasing the price at current levels. A more favorable scenario would be a pullback to the $4,390–$4,420 range, where the price holds support and generates renewed buying interest. Should this occur, I would target the $4,560–$4,580 range next. The macroeconomic backdrop also lends mild support to a recovery scenario. Fed Governor Christopher Waller dampened expectations for a September rate hike, causing the USD and Treasury yields to cool off; consequently, Gold rose more than 2% in the previous session. The bullish outlook would weaken if XAUUSD loses the $4,390 level, particularly if it falls back below the EMA cluster.