$XAU remains in a strong short-term uptrend, but price is currently cooling off after rejection at 4,525. The pullback looks corrective, not bearish—structure is still holding higher lows.

Key zone: 4,470–4,480. As long as price holds above this area, the trend stays intact and dips remain buyable. Momentum only weakens on a clean break below 4,450.

Bull case:

Hold above 4,470 → continuation toward 4,520 → 4,550.

Bear case:

Lose 4,450 → deeper pullback toward 4,410–4,380 support.

Trade idea:

• Long on dips 4,470–4,480, invalidation < 4,450, targets 4,520+

• Short only if rejection below 4,520 with confirmation

Overall, this is trend continuation unless support breaks. Patience beats chasing here.