XAUUSD: Buy if the 4250–4220 range holdsGOLD (US$/OZ)TVC:GOLDRonnie_JohnFollowing the Federal Reserve meeting last night, gold prices experienced a sharp pullback; however, the signing of a memorandum of understanding between the US and Iran gave bulls renewed momentum, driving a strong rally that essentially returned prices to their previous consolidation range—a true "rollercoaster" ride. Looking at the 1-hour chart, the price fell to fill the gap, mainly because half of the people believe that interest rates should be raised, so gold was under short-term pressure and fell sharply. After filling the gap, the price rebounded again, and the new Fed Chairman Warsh did not make any obviously hawkish remarks. At the same time, with the signing of the US-Iran agreement, gold bulls began a vigorous counterattack. In the short term, gold prices appear likely to enter a period of oscillation. The fact that the gap was filled indicates underlying support and strong buying interest at lower levels; therefore, one might consider entering long positions if the price pulls back to the 4250–4220 range.