Gold has started to recover after a tough week. I noticed that the price is currently moving around $4,785 after successfully bouncing from its lowest levels last week. The weak dollar helped a lot in this, and oil prices also rose a bit, easing pressure on the market.

From a technical analysis perspective, the situation looks somewhat positive. The price has stabilized above $4,750, which was a strong resistance before, and is now approaching the $4,800 level. Technical indicators suggest increasing bullish momentum — the MACD shows a bullish crossover, and the RSI has risen above 60.

But there are some things to watch. The geopolitical tensions between the US and Iran still exert pressure, but talk of new negotiations has helped calm the markets somewhat. Also, US interest rate hike expectations have slightly improved (probability of a cut has reached 28%), which supports gold.

The positive scenario: if gold breaks strongly above $4,800, we could see targets of $4,900 then $5,000. But if it fails to rise above $4,800, a correction towards $4,750 or lower might occur. It’s expected that the price will remain volatile between $4,600 and $4,850 in the coming days, especially with all the geopolitical developments and upcoming economic data.