Look at the gold chart from two weeks ago, the price was heavily hammered down from around $4,780 to about $4,670. This was because of the news that Trump announced an extension of the ceasefire with Iran, which reduced fears of war in the market. At that time, investors rushed to sell gold because they no longer feared war.

US economic figures also worsened the situation. Retail sales surged by 1.7%, exceeding expectations, indicating a strong economy. The Fed might keep interest rates high. With high interest rates, non-yielding assets like gold become less attractive.

Analysis of gold prices at that time indicated a clear downtrend. The EMA 12 crossed below the EMA 26, showing a Dead Cross. The price was sliding within a perfectly descending channel. RSI was in the Bearish zone, supporting further selling. The analysis suggested that gold prices at that time needed to undergo a solid correction before considering buying, as there were no clear reversal signals.