FUNDAMENTALOVERVIEWGold got stuck in anotherconsolidation as the bullish momentum remains weak amid conflicting signals. Yesterday,it looked like the third round of US-Iran talks went bad as we got reports ofIran rejecting US demands. The markets went into risk-off, eventuallysupporting gold prices. Later on, we got reportsthat the talksmade significant progress and another round was scheduled for next week. Thispush and pull is keeping most market rangebound, including gold. Overall, the market mightremain supported in the short-term amid some uncertainty, but I don’t seematerial changes to justify a rally back to all-time highs, at the moment. Thereal risks remain a potential US-Iran military escalation which could take goldprices to new highs or a hawkish repricing on stronger US data which would havea negative effect on the market. Fed’s Waller mentioned thathe would change his dovish stance in case the strong January’s jobs data isrepeated in February, so next week’s NFP report is going to be a key risk eventfor gold. GOLD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that gold is creeping higher, but the momentum remains weak with manyconsolidations along the way. There’s not much we can glean from this timeframe,so we need to zoom in to see some more details.GOLD TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price is consolidating above the key 5100 zone as traders await newcatalysts to pick a direction. From a risk management perspective, the buyerswill have better risk to reward opportunities around the 5100 support and theminor upward trendline to position for a rally into new all-time highs. Thesellers, on the other hand, will want to see the price breaking below thetrendline to open the door for a drop back into the 4600 level next.GOLD TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, there’snot much we can add here as the buyers will likely continue to step in around thesupport and the trendline, while the sellers will wait for the break of thetrendline to gain more conviction for new lows. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we conclude the week with the US PPI report but continue to watchout for US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.