FUNDAMENTALOVERVIEWGold has come under renewedpressure on Tuesday after the markets got a bit scared following Iran’s refusalto participate in the Islamabad talks due to the US blockade in the Strait ofHormuz. Most of the losses werethen pared after Trump extended the ceasefire to allow more time for Iran toput forward a proposal to end the war but didn’t lift the blockade. There's nodeadline for this latest extension, so we might just get stuck in this newsituation until the bombs start dropping again or they finally reach a deal. For now, the short-termbias is neutral to bearish as we head into the weekend without clear signs ofimproved relations. Nonetheless, the downside should remain limited amidpositive expectations and a resolution should trigger a rally towards the 5,000level. On the other hand, if the war resumes, gold prices are likely to quicklyfall back into the 4,000 level. GOLD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that gold is just consolidating awaiting new catalysts to push it intoeither direction. Right now, we are trading around the same levels we’ve beenat the start of the month. The natural target for the buyers should be thedownward trendline around the 5,000 level. If the price gets there, we canexpect the sellers to lean on the trendline with a defined risk above it toposition for a drop into the major upward trendline around the 4,100 level. Thebuyers, on the other hand, will look for a break higher to increase the bullishbets into the 5,400 level next.GOLD TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price broke below the upward trendline and opened the door for a biggerpullback into the 4,550 level. If the price gets there, we can expect thebuyers to step in with a defined risk below the level to position for a rallyinto the major downward trendline. The sellers, on the other hand, will lookfor a break lower to increase the bearish bets into new lows.GOLD TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, wehave a minor downward trendline defining the current pullback. The sellers willlikely continue to lean on the trendline to keep pushing into new lows, whilethe buyers will look for a break to pile in for a rally into new highs. The redlines define the average daily range for today. UPCOMING CATALYSTSToday we get the latest US Jobless Claims figures and the US PMIs, but the marketfocus remains on US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.