FUNDAMENTAL OVERVIEW Gold briefly spiked to the upside on Friday following the softer than expected NFP report, but the gains were quickly faded. There wasn’t any bearish catalyst for the downside move, it’s just that the NFP report didn’t matter that much in the bigger picture.In fact, one soft NFP doesn’t change the series of very strong US data and the US-Iran stalemate. The only thing we got out of it is an even lower probability of a Fed rate hike in October. Those probabilities, though, could still rise if the US CPI next week surprises to the upside.This week, we don’t have anything on the agenda, so the focus will likely be on US-Iran developments, and the price action could remain mostly rangebound.If we get a breakthrough in US-Iran negotiations, then we can expect oil prices to drop significantly and give gold a boost on lower rate hike expectations. Another escalation, on the other hand, will likely send crude oil higher and weigh on the precious metal. GOLD TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that gold(CFD contract) couldn’t extend the pullback all the way to the trendline as the price reversed earlier. The natural target for the sellers should be the 3,885 level where we have also the confluence of a major upward trendline. If the price gets there, we can expect the buyers to step in, with a defined risk below the trendline, to position for a rally into new record highs. The sellers, on the other hand, will look for a break lower to increase the bearish bets into the 3,500 level next.GOLD TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see that the recent price action has been very choppy. If we get another pullback into the trendline, we can expect the sellers to lean on it, with a defined risk above it, to keep pushing into the 3,885 level. The buyers, on the other hand, will want to see the price breaking higher to pile in for a rally into the 4,700 level next, with the 4,400 level as the first target. GOLD TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can glean from this timeframe given the choppy price action, but we do have a minor resistance zone around the 4,165 level. If the price gets there, we can expect the sellers to step in with a defined risk above it to position for a drop into new lows. The buyers, on the other hand, will look for a break higher to target a pullback into the trendline. The red lines define the average daily range for today.UPCOMING CATALYSTSTodaywe get the US ISM Services PMI. On Wednesday, we have the FOMC meeting minutes. On Thursday, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the University of Michigan Consumer Sentiment survey. This article was written by Giuseppe Dellamotta at investinglive.com.