FundamentalOverviewGold continues to pull backfrom the highs reached after the first Israel attack against Iran despite renewedtensions over the weekend following US strikes. It looks like the marketcontinues to bet on de-escalation, which is also what transpires from the crudeoil market which remains rangebound. Traders continue to monitor the Strait of Hormuzwhere disruptions could take oil prices much higher. As of now, there are nodisruptions.In the bigger picture, goldremains in an uptrend as real yields will likely continue to fall amid Fedeasing and just a hawkish repricing in rate cuts expectations could triggercorrections in the short term. GoldTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that gold continues to edge lower towards the major trendline despite increased tensions inthe Middle East after the US strikes over the weekend. From a risk managementperspective, the buyers will have a much better risk to reward setup around thetrendline to position for a rally into a new all-time high. The sellers, on theother hand, will want to see the price breaking lower to increase the bearishbets into the 3120 level next.Gold Technical Analysis– 4 hour TimeframeOn the 4 hour chart, we cansee the choppy price action of the last few days and the positive opening gap todaythat got erased throughout the Asian session. There’s not much else we can gleanfrom this timeframe, so we need to zoom in to see some more details.Gold Technical Analysis– 1 hour TimeframeOn the 1 hour chart, we cansee that the price has been bottoming out around the 3345 zone. This process formedwhat looks like an inverted headand shoulders pattern, so we can expect the buyers to step in around theselevels with a defined risk below the zone to position for a rally into a newall-time high. The sellers, on the other hand,will look for a break to the downside to invalidate the bullish setup and pilein for a drop into the major upward trendline. The red lines define the average daily range for today.UpcomingCatalystsToday, we get the US Flash PMIs. Tomorrow, we have the US ConsumerConfidence report and Fed Chair Powell Testimony. On Thursday, we get the latestUS Jobless Claims figures and the Final US Q1 GDP report. On Friday, weconclude the week with the US PCE price index and the Final University ofMichigan Consumer Sentiment report.Watch the video below This article was written by Giuseppe Dellamotta at www.forexlive.com.