Gold: Gap Higher – Watch for Potential TopGoldOANDA:XAUUSDTradeCore_Evan1Over the weekend, a cessation of hostilities between the US and Iran triggered a sharp decline in oil prices, temporarily alleviating inflationary concerns. Gold opened with a bullish gap, reclaiming the 4100 handle. However, we view this as a transient reprieve – the sustainability of the current upside will hinge on the outcome of this week's Fed meeting. Should Warsh adopt a hawkish tone, we would expect gold to retrace towards the 3900 area. Conversely, a dovish pivot could pave the way for a move towards 4300. On the daily timeframe, the bullish trend remains intact. The opening gap warrants close attention. Should bullish momentum persist, we may not see a fill ahead of the Fed decision. In a weaker scenario, price would first retrace to close the gap, then trade within a 4050–4150 range as the market awaits the announcement. Our strategic bias remains tilted towards buying on dips. From a technical standpoint, the 4120–4140 zone is where overhead supply is concentrated – a short-term top may form there, providing a tactical short opportunity. Trading Reference Levels: Buy @ 4070 / 4050 Sell @ 4110 / 4140