Gold plunges to $4,600. These days, the issue stems from the ongoing war between the US and Iran, which shows no signs of ending. Trump has already dismissed the idea of Iran opening Hormuz, causing Brent oil to surge past $112 and inflation to skyrocket.

The most intense factor is the Fed announcing interest rates tonight at 1 a.m. The market is 100% convinced there will be no rate cut, but what really worries gold traders is Powell's statement at 1:30 a.m. If Powell comes out hawkish, gold could continue to slide, cryptocurrencies might break below support, and all non-yielding assets could be dumped.

US economic data remains very strong. The Conference Board Consumer Confidence index jumps to 92.8, smashing expectations. But the real concern is next year's inflation expectations, which leap from 3.8% to 4.7%, increasing wildly. March CPI also rises to 3.3% YoY. This is why the Fed is hesitant to cut rates, and Wall Street has cut its rate cut forecast to just one.

Gold is now holding at the EMA 200 line, indicating a full-downtrend picture. RSI is approaching oversold territory but still has room to fall further. If cryptocurrencies break support, the market could continue downward if signals are clear. The first support level is at $4,580; if it doesn't hold, the next support is at $4,554. The main resistance levels are at $4,608 and $4,641.

For short-term traders tonight, avoid holding heavy positions before the Fed announcement. If the price spikes to test $4,608 and a reversal candle appears, sell immediately. Set a stop loss at $4,630 and take profit at $4,554. Long-term players should not buy against the trend now; wait for the price to drop to the major support at $4,494 and look for clear reversal signals. Cryptos breaking support are calling for entry.

Tonight will be a night of howling wolves. The market will shake intensely when Powell speaks. Avoid trading directly on the news; the spread will widen dramatically, and slippage will eat into your profits. Wait for the market to clarify its direction first, then look for trend-following entries for safer portfolio management.