GOLD | Inflation Fears Return as Trump Ends Iran Peace Deal
Gold fell more than 1% on Wednesday after President Donald Trump declared that the interim peace agreement with Iran was "over," reigniting geopolitical tensions and driving oil prices sharply higher.
Higher oil prices revived concerns over inflation, strengthening expectations that the Federal Reserve could keep interest rates elevated for longer. Investors are now focused on today's FOMC Meeting Minutes, which could provide further clues about the Fed's policy outlook and increase volatility across precious metals.
Technical Analysis
The market respected our previous analysis perfectly, dropping around $120 per ounce (3.00%) from the resistance zone.
Gold remains inside a bearish structure while trading below the 4045 - 4062 resistance zone.
As long as the price remains below this area, bearish momentum is expected to continue toward 4010, followed by 3963.
However, if the price stabilizes above 4063, a bullish correction toward 4095 could develop, especially if geopolitical tensions begin to ease.
Today's FOMC Meeting Minutes are expected to be the main catalyst for market volatility.
Support: 4010 - 3963 - 3921
Resistance: 4093 - 4124
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