Market participants believe that including US President Trump and the Republican Party are looking to rebuild from where they fell, leading to growing speculation that the conflict with Iran could be ended peacefully. If this prospect of geopolitical easing continues to expand, investors’ risk-averse appetite for gold should increase, potentially leading to a rebound in gold prices.

If US crude oil prices continue to decline in the short term, even falling to around $79 per barrel, the price drop will increase investor expectations that the Federal Reserve will not need to raise interest rates significantly, thus boosting gold buying.

Gold prices may fluctuate between $4,089 and $4,184 in the short term. Pay close attention to buying opportunities at the lower end of this range, as there is potential for a short-term rebound. $4,069 can serve as an important price support level; appropriate risk management is essential.

*Risk Warning: This article is for market analysis purposes only. 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 Financial Group

Email: ferris.kwok@successfn.com