Gold is declining today noticeably, and the U.S. dollar is the main reason. I noticed that the price dropped by about 0.2% and moved near $4,670 per ounce, and the geopolitical scene played a major role in this slide. Negotiations between America and Iran are still stalled, creating a foggy environment in the market.

The U.S. dollar has been very strong lately, which directly pressures gold. Investors prefer to hold liquidity ahead of major central bank decisions, especially the Federal Reserve. Today’s gold price outlook points to continued selling pressure in the near term, especially if the price fails to stay above $4,650.

From a technical standpoint, the situation is clear—the MACD indicator is still below zero, and momentum is very weak. However, the RSI near 35 suggests there is a possibility of a limited corrective rebound. The key levels I’m watching are $4,750 and $4,850 as resistance, and $4,550 and $4,450 as support.

As for gold price forecasts in the coming days, opinions differ. Analysis firms believe the price could test $4,600 or even $4,500 if the dollar remains strong. But some think that any pullback toward $4,600 could be a good buying opportunity, especially if signs of economic slowdown appear.

The U.S. economic indicators expected this week will be very important, especially manufacturing and inflation data. Any weak data could support gold, but strong data will strengthen the dollar and put even more pressure on the metal. Today’s gold price outlook looks bearish in the short term, but in the medium term we may see a rebound if the geopolitical situation improves or concerns about an economic slowdown emerge.