XAUUSD — Bullish Channel PullbackGoldOANDA:XAUUSDAudrey_Quinn Market Pulse Gold is trading around 4,174 as the broader market continues to reassess the Fed outlook. Recent U.S. inflation data remained hot, with September CPI at 3.7% YoY, while September PPI jumped 1.3% MoM, its strongest monthly increase since March 2022. However, the reaction has not remained purely bearish for Gold. The U.S. dollar and Treasury yields have eased, while Fed Chair Kevin Warsh gave no clear signal of another October hike. This has helped Gold recover and keep its bullish structure intact. Bureau of Labor Statistics What the Chart Says On the 30M chart, Gold remains inside a rising channel and continues to print a sequence of higher highs and higher lows. The recent move toward 4,190 created a short-term pullback. Price is now retracing toward the middle-lower part of the channel rather than showing a confirmed structural reversal. The Fibonacci structure also supports the idea of a controlled retracement before another attempt higher. Levels That Matter - 4,205–4,210: Main upside objective - 4,185–4,190: Recent high and short-term resistance - 4,135–4,140: Main pullback zone - 4,147: 0.618 Fibonacci area - 4,120: Deeper support My Main Plan My main scenario remains bullish continuation. I would watch for Gold to pull back toward the 4,135–4,140 zone and look for buyers to defend this area. If the zone holds and price starts building another higher low, the next move could target 4,205–4,210, where the upper channel and major resistance come together. I prefer the pullback rather than chasing price near the recent highs. If I'm Wrong A sustained break and close below 4,135 would weaken the bullish structure and could open the way toward the deeper 4,120 support. Final View The structure remains constructive while the rising channel and key demand area hold. The current move looks more like a pullback within the trend than a confirmed reversal. The key is how price reacts around 4,135–4,140.