Currently, the market is closely watching two major focuses. First, will the US and Iran launch a new round of mutual attacks, potentially escalating the situation in Iran again? Second, will Federal Reserve Chairman Warsh’s hawkish comments on interest rate hikes prompt investors to continue cashing out in the gold market to avoid the risk of rising interest rates? The instability of the former situation and the suppressed risk appetite from the latter should influence gold prices to exhibit a pattern of small rises followed by large corrections in the short term. Gold prices are likely to encounter significant selling pressure around $4,487.

Gold prices may fluctuate between $4,402 and $4,487 in the short term. Pay close attention to potential entry opportunities at the higher end of this range. There is room for short-term pullbacks, and $4,507 can serve as an important price support level. 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 accordingly.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com