FUNDAMENTALOVERVIEWGold has been stuck in aconsolidation for almost a month now despite lower real yields, looserfinancial conditions and a weaker US dollar. The main thing that’s been cappingthe bullish momentum has been the more hawkish Fed's stance.This is unlikely to changeanytime soon as even if the US-Iran war officially ends and the Strait ofHormuz is reopened, the increase in economic activity might keep inflationhigher for longer and force the Fed to hold rates steady. Nonetheless, the reopeningof the Strait should give the market a boost in the short-term as it would easesome inflation worries and bring back rate cut expectations. After that though,traders will be focused on economic data and the Fed’s stance. GOLD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that gold continues to consolidate amid the US-Iran stalemate. The naturaltarget for the buyers remains the downward trendline around the 5,000 level. Ifthe price gets there, we can expect the sellers to step in with a defined riskabove the trendline to position for a drop into the major upward trendlinearound the 4,200 level. The buyers, on the other hand, will look for a break toextend the rally into the 5,400 level next.GOLD TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price broke above the minor downward trendline that was defining thepullback. The swing level at 4,772 might now act as resistance. The sellers willlikely step in there with a defined risk above the resistance to keep pushinginto the 4,552 level. The buyers, on the other hand, will look for a break toincrease the bullish bets into the 5,000 level next.GOLD TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, we cansee more clearly the recent price action. We might get stuck in range herebetween the 4,670 support and the 4,772 resistance. The market participantswill wait for a breakout on either side to pick a direction. The red linesdefine the average daily range for today. UPCOMING CATALYSTSTomorrow we get the US Consumer Confidence report. On Wednesday, we have the FOMCpolicy decision. On Thursday, we get the US Q1 GDP, the US Employment CostIndex and the latest US Jobless Claims figures. On Friday, we conclude the weekwith the US ISM Manufacturing PMI. This article was written by Giuseppe Dellamotta at investinglive.com.