FUNDAMENTALOVERVIEWGold got stuck in another consolidation as the US-Iran stalemate extendedfurther. We've been even getting reports of Trump considering a resumption ofthe war more seriously as, using Trump’s words, the ceasefire holds on"life support" after a "garbage" Iran's peace proposal.Now, this might just be his usual hawkish rhetoric without substance, but it’sstill something to keep an eye on.The main problem for gold is the Fed. Although the central bank is stillkeeping an easing bias, we are now approaching a point where the Fed is likelyto drop it entirely. If nothing changes before the June meeting, we might be infor 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 as inflationworries would ease. But if the Strait remains closed for longer and oil pricesstay elevated, the risk of the Fed turning hawkish anyway increases.GOLD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that gold is still trading right in the middle of the two key trendlines,so there’s not much we can glean from this timeframe. We need to zoom in to seesome more details. GOLD TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price is consolidating between the 4,650 support and the 4,770resistance. We can expect the buyers to continue to step in around the supportto keep pushing into the 4,890 level, and increase the bullish bets on a breakabove the resistance. The sellers, on the other hand, will want to see theprice breaking lower to pile in for a drop into the 4,350 level next.GOLD TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, there’snot much we can add here as we might get stuck in this range for an extendedperiod of time. As mentioned, the buyers will look for opportunities around thesupport and on the break above the resistance, while the sellers around theresistance or on the break below the support. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we have the US PPI report and Trump-Xi meeting. Tomorrow, we get theUS Retail Sales report and the latest US Jobless Claims figures. This article was written by Giuseppe Dellamotta at investinglive.com.