FUNDAMENTAL OVERVIEW Gold opened the week higher following some positive developments over the weekend. The US halted its strikes after 13 days of attacks and Iran said it will maintain a ceasefire so long as the US remains on pause.This has led to some optimism as traders took this latest development as an early sign of a potential de-escalation. It goes without saying that the price action will continue to be driven by US-Iran headlines.Gold will likely remain supported amid the de-escalation expectations, but traders will keep a close eye on the headlines as things can re-escalate quickly with just a single Trump’s post. Looking ahead, we have the FOMC rate decision on Wednesday which is going to be one of the most important events of the week. The Fed is expected to hold interest rates steady following the soft US inflation data. Fed Chair Warsh is unlikely to provide much forward guidance, so the economic data will continue to be the deciding factor for September and the following meetings. GOLD TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that gold is testing the major downward trendline once again. We can expect the sellers to lean on the trendline with a defined risk above it to keep pushing into new lows. The buyers, on the other hand, will want to see the price breaking higher to pile in for a rally into the next trendline around the 4,500 level. GOLD TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see the price action has been mostly rangebound since late June, and this leaves traders with little to do other than waiting for technical breakouts or fundamental catalysts. The buyers will need the price to break above the 4,200 resistance to gain more conviction for a reversal of the trend. The sellers, on the other hand, will likely step in around the resistance with a defined risk above it to position for a drop into the 3,885 level.GOLD TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor upward trendline defining the current bullish momentum. The buyers will likely continue to lean on 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 increase the bearish bets into new lows. The red lines define the average daily range for today. UPCOMING CATALYSTSTomorrow, we get the US Consumer Confidence report. On Wednesday, we have the FOMC rate decision. On Thursday, we get the US PCE price index, the Advance Q2 GDP and the Jobless Claims figures. On Friday, we conclude the week with the US Q2 Employment Cost Index. This article was written by Giuseppe Dellamotta at investinglive.com.