FUNDAMENTALOVERVIEWThe bullish momentum ingold waned recently despite lots of tailwinds like lower real yields, looserfinancial conditions and lower US dollar. It’s certainly not been the samesince the late January crash, and the major difference is that the Fed haspivoted away from the dovish stance.Nonetheless, gold shouldremain supported amid the positive US-Iran deal expectations which should keep anydownside limited. Everything now hinges onUS-Iran talks. If negotiations were to collapse again, we might get a bigger pullback,but as long as the ceasefire holds, the losses should remain limited. On theother hand, a peace deal might give gold another boost to extend the rally intonew highs. For a much stronger rally, gold would need the Fed to pivot back to adovish stance.GOLD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that gold is continuing to slowly edging higher as the bullish momentumwaned. The natural target for the buyers is the downward trendline around the5,000 level. If the price gets there, we can expect the sellers to step in witha defined risk above the trendline to position for a drop into the major upwardtrendline. The buyers, on the other hand, will look for a break to increase thebullish bets into the 5,400 level next.GOLD TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, wehave a trendline defining the bullish momentum. The buyers will likely lean onthe trendline with a defined risk below it to keep pushing into the major downwardtrendline. The sellers, on the other hand, will look for a break to pile in fora drop into the major upward trendline around the 4,100 level.GOLD TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, wehave a minor downward trendline defining the current pullback into the upwardtrendline. The sellers will likely continue to lean on the trendline to keeppushing into new lows, while the buyers will look for a break to pile in for arally into new highs. The red lines define the average daily range for today. This article was written by Giuseppe Dellamotta at investinglive.com.