Yesterday, gold saw a slight pullback and moved lower, mainly driven by uncertainty and maneuvering in the lead-up to the US-Iran negotiations, which put pressure on the bulls and weakened momentum. The market’s focus is entirely on the negotiations between the two sides today. Market expectations are that the talks will bring modest easing progress. If key issues advance beyond expectations, market sentiment will improve, which will directly be bullish for gold to move higher.

At present, trading in the gold market is relatively quiet, with less speculative capital positioning. In the short term, gold prices are very likely to print a one-directional move or range-bound trading; overall, there is no clear bearish logic.

On the technical side, the daily moving averages are oscillating and stabilizing, and the indicators are neutral. The 4-hour chart is also undergoing range-bound oscillation, and the overall price action leans bullish. In terms of execution, conservative traders should buy on dips in small positions in multiple batches, while aggressive traders can directly follow the trend and go long.

Trading recommendations

Enter around 4750-4760, with a target above 4780.
Short around 4765 is not recommended to be held for long.
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