XAUUSD — 30M Pullback Inside the Rising ChannelGoldOANDA:XAUUSDAudrey_Quinn Fundamental Analysis The macro backdrop remains mixed for Gold. September U.S. CPI accelerated to 3.7% YoY, while PPI also came in strongly, keeping inflation concerns alive. However, Fed Chair Kevin Warsh gave no signal of an immediate additional hike, while markets have increasingly priced an October rate hold. The dollar also posted a weekly decline as Treasury yields eased, providing some support for Gold. For now, this creates a two-sided environment: inflation limits Gold's upside, while softer yields and a weaker dollar continue to provide underlying support. Technical Analysis On the 30M chart, the broader structure remains bullish. Gold has formed a sequence of higher highs and higher lows, with several BOS confirming the upward structure. However, after reaching the 4,190–4,195 area, price rejected the upper part of the channel and started a short-term correction. The current price around 4,165 is sitting near the first reaction area. The key point is that the bullish structure has not yet been invalidated. The current move can still be treated as a pullback as long as the lower channel and demand zones remain protected. Important Key Levels - 4,190–4,200: Recent high / upper channel resistance - 4,158–4,165: Immediate reaction zone - 4,140–4,147: Main pullback / support zone - 4,125–4,130: Deeper demand and structural support Trading Scenario My main scenario is a deeper pullback before another bullish attempt. If price makes a short-term recovery toward 4,170–4,175 but fails to reclaim the recent high, sellers could push Gold toward 4,140–4,147. A further liquidity sweep toward 4,125–4,130 remains possible if the first support fails. The bullish structure becomes more interesting if price reaches these demand areas and forms a clear higher low with bullish displacement. In that case, the next recovery could target 4,190–4,200 again. Buy/Sell Condition Bullish condition: Hold 4,140–4,147 or deeper 4,125–4,130, followed by a confirmed bullish reaction. Bearish condition: Sustained acceptance below 4,125–4,130 would weaken the rising-channel structure and suggest a larger correction. Audrey's View I would not chase the current bounce. The broader trend is still constructive, but the 30M chart is showing a clear correction from the recent high. The key is how Gold reacts around 4,140–4,147. If buyers defend that area, the bullish structure remains valid; if it fails, 4,125–4,130 becomes the next important test.