From the hourly chart, gold prices are still in an obvious upward trend, while maintaining the order of higher highs and higher lows. After a strong break above the 4,520 area, the price slowed down and started a limited correction, which is normal technical behavior and does not indicate a distribution or reversal.

The fair value gap area below the price remains in place and the price is trading above all dynamic support levels, confirming the continued control of the buyers. The current correction looks like a rebalancing and gap filling process rather than the start of a new downtrend.

Technically, the 4,495-4,500 area represents important initial support, while the 4,470-4,480 area represents deeper support in the event of increased volatility. A breakout of the uptrend would require a clear H1 or H4 frame close below 4,430, but this has not happened yet.

A weaker U.S. dollar, lower yields and ongoing geopolitical risks create a supportive environment for gold, while year-end liquidity tends to help continue existing trends. The likely scenario remains a technical correction towards 4,500 points, followed by a resumption of gains towards 4,550-4,580 points.

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