FUNDAMENTALOVERVIEWGold fell to a new two-month low this week as the lack of tangible progresson the US-Iran side and the hawkish Fed risks continue to weigh on the preciousmetal. Despite the expectations for an imminent deal and the reopening of theStrait of Hormuz, we still haven’t got anything officially. There’s just beenlots of noise. Moreover, in the past few days, the US and Iran exchanged limitedmilitary strikes, but the US side continues to say that the ceasefire remainsintact. On the Federal Reserve side, more and more policymakers are now pushing fordropping the easing bias, so we can expect that to happen at the June FOMCmeeting. Moreover, if nothing changes on the US-Iran side before then, we mightget a hawkish surprise as inflation continues to run hot and the US dataremains resilient. In the short-term, a resolution and the reopening of the Strait will likelysupport gold on falling oil prices and increased rate cut bets. But if theStrait remains closed for longer and oil prices stay elevated, the risk of theFed being forced to hike anyway increases.GOLD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that gold dropped to a new two-month low this week and it’s approaching themajor upward trendline. If the price gets there, we can expect the buyers tostep in with a defined risk below the trendline to position for a rally intothe major downward trendline. The sellers, on the other hand, will look for abreak to increase the bearish bets into the 3,885 level next. GOLD TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price almost reached the key 4,350 level. We can expect the buyers tostep in there with a defined risk below the level to position for a pullbackinto the downward trendline. The sellers, on the other hand, will look for abreak to increase the bearish bets into the major upward trendline. GOLD TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, wehave another minor downward trendline defining the bearish momentum on thistimeframe. The sellers will likely continue to lean on the trendline with adefined risk above it to keep pushing into new lows, while the buyers will lookfor a break above the trendline to extend the pullback into the next trendline.The red lines define the average daily range for today. UPCOMING CATALYSTSToday, we get the latestUS Jobless Claims figures and the US PCE price index. This article was written by Giuseppe Dellamotta at investinglive.com.