FUNDAMENTALOVERVIEWGold got a boost yesterdayafter the announcement of a two-week ceasefire as easing financial conditionssupported a broader risk-on sentiment. However, those gains were later wipedout when Israel launched an attack on Lebanon, triggering backlash, with Iraninsisting that Lebanon was included in the ceasefire agreement.For now, the ceasefire isstill holding, at least until tomorrow, when the US-Iran negotiations are setto take place in Islamabad. The talks could be extended if both sides agree.There’s still a risk thatthe conflict could restart at any moment, since the US and Iran have not officiallyended the hostilities. Nonetheless, the short-term bias has turned more bullishfor gold, as traders reprice the hawkish expectations. Having said that, the sentimentcould reverse quickly if negotiations fail and the war resumes.GOLD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that gold broke above the trendline yesterday following the ceasefireannouncement. The buyers will likely continue to pile in around these levelswith a defined risk below the most recent swing low to keep targeting thetrendline around the 5,000 level. The sellers, on the other hand, will look fora break below the swing low at 4,555 to regain control and position for a dropinto the 4,000 level next.GOLD TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, we havean upward trendline defining the bullish momentum. The buyers will likely leanon the trendline with a defined risk below it to keep pushing into new highs.The sellers, on the other hand, will look for a break to extend the pullback intothe swing low around the 4,555 level. GOLD TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, wehave a counter-trendline defining the pullback into the upward trendline. Thesellers will likely continue to lean on the trendline to keep pushing into newlows, while the buyers will look for a break to pile in for a rally into the5,000 level. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we get the US PCE price index and the latest US Jobless Claimsfigures. Tomorrow, we conclude the week with the US CPI report and theUniversity of Michigan Consumer Sentiment survey. The market focus is now onthe US-Iran negotiations expected for tomorrow in Islamabad. This article was written by Giuseppe Dellamotta at investinglive.com.