XAUUSD is displaying a Elliott Wave structure, having completed a full impulsive 5wave sequence followed by an A B C corrective phase, with price reacting strongly from the 61.8% Fibonacci retracement level, suggesting Wave 2 of a new bullish cycle may be underway. Technically, price has broken out of a corrective falling wedge, signaling bullish momentum toward the ATH resistance zone around 3440 Fundamentally, persistent inflation concerns and rising geopolitical tensions continue to support gold as a safe-haven asset, especially amid uncertainty over future Fed rate cuts. If the bullish momentum sustains, we may see XAUUSD challenge the previous highs in the coming sessions.