Although the US has temporarily abandoned military action against Iran and shifted to economic warfare, there has been no progress in pushing the two countries to reach a mutual commitment to each other and promoting peace talks. This has dampened investors’ hopes of lowering their guard and increasing their risk tolerance for gold purchases. Therefore, gold prices will remain constrained by the uncertainty surrounding the Iranian situation in the short term, exhibiting a pattern of repeated downward tests of lower support levels.

On the other hand, if US crude oil prices resume their upward trend, investors’ concerns about the Federal Reserve raising interest rates to curb inflation will increase, and their risk appetite for buying gold will also shrink due to the direction of interest rates.

Gold prices may fluctuate between $4,562 and $4,648 in the short term. Pay close attention to the upper end of this range for potential entry opportunities. There is room for short-term pullbacks, and $4,668 can serve as an important price defense reference point. Appropriate risk management is essential.

Risk Warning: This article is for market analysis purposes only. The price ranges and levels mentioned are for market observation and reference only and do not constitute any investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com