Gold is expected to maintain a bullish tone this week as the key Fibonacci level near 5143.89 acts as the main direction guide for traders while geopolitical tensions in the Middle East and ongoing tariff discussions add uncertainty to the market Attention is strongly focused on the outcome of US and Iran negotiations.
Which could become a major trigger for volatility as either conflict risks or political claims of success may quickly shift sentiment If prices remain above this level the next upside target near 5600 could come back into focus but a move below it may push gold back into a consolidation range
Market noise around tariffs and legal developments is seen as temporary while the real drivers remain Iran related geopolitical risks and expectations around Federal Reserve rate cuts Gold continues to hold an overall uptrend on the weekly chart and the sharp decline seen last month now appears more like a reset that helped rebuild trend support and remove weaker positions allowing stronger long term buyers to re enter the market
