FUNDAMENTALOVERVIEWGold opened lower todayfollowing the breakdownof US-Iran negotiations over the weekend. I don’t think anybody saneexpected them to reach an agreement on the first round given the strongdivergence in proposals. There have been reports of USand Iran continuing to exchange messages through diplomatic backchannels, butfor now we don’t have any official date for another round of negotiations. Thegood news is that the ceasefire seems to be holding, but Trump decided to put pressureon Iran by blockadingtheir ports. This has raised the risk ofanother escalation and the resumption of the war which is going to keep markets on edge. In the meantime, the hawkish bets on central banks returned and thatis weighing on gold prices. The price action might remain mostly rangebound untilwe get some new catalyst. GOLD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that gold is consolidating below the 4,800 level. The only clear resistancewe have here is the trendline around the 5,000 level. If the price gets there,we can expect the sellers to step in with a defined risk above the trendline toposition for a drop into the major upward trendline. The buyers, on the otherhand, will look for a break to increase the bullish bets into new highs.GOLD TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, theprice broke below the upward trendline that was defining the bullish momentum. Wehave now a downward trendline defining the pullback. We can expect the sellers to step in around these levels with a defined risk above the downward trendlineto extend the pullback into the 4,553 level. The buyers, on the other hand,will look for a break above the downward trendline to pile in for a rally intothe 5,000 level next.GOLD TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, theprice filled the gap which is now acting as resistance. This is where we canexpect the sellers to step in with a defined risk above the downward trendlinein case the price extends above the resistance. The buyers, on the other hand,will look for a break above the downward trendline to gain more conviction andtarget new highs. The red lines define the average daily range for today. UPCOMING CATALYSTSTomorrow we have the US PPI report. On Thursday, we get the latest US JoblessClaims figures. The focus remains on US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.