This is more of a mid-term view on gold.
Ideally, I’d like to see a move lower to finish off the put side and build liquidity there before a push higher.
That said, if price goes straight for the 4690 area, holds above it, and transitions into an upward cycle, the market could continue higher without a deeper pullback, following the levels above.
At the current levels (between the 1/4 and 1/2 margin zone), there’s no clear directional bias. We need to see a push out of this range first.
Within the framework described above, the direction of that initial move isn’t even that important — there’s no priority right now.
Fundamentals:
Tensions remain elevated. According to Reuters, the U.S. is set to shut down its military coordination center near Gaza (CMCC), which was responsible for overseeing the ceasefire between Israel and Hamas and coordinating humanitarian aid.
