Gold today has not generated much profit yet, even though news from the U.S. seems to be supportive of a price jump. The price is currently hovering around $4,817, showing a clear upward trend on the chart, but concerns about inflation and political factors are still making the market hesitate.

The key news drawing market attention is that the U.S. leader has spoken about peace negotiations with Iran, which has eased some investors’ worries about the Strait of Hormuz, causing the dollar to depreciate sharply. However, in reality, the economic damage from this situation remains significant. Oil prices have surged to $92.50 per barrel, meaning inflation will continue to be a problem.

What’s interesting is that the People’s Bank of China has continued to buy gold and accumulate it for 18 months. This is a strong signal that gold is still in demand as a safe-haven asset, even if the U.S. stock market is hitting new highs.

From a technical perspective, for gold prices today to keep pulling higher, they need to hold firmly above $4,780. The next resistance levels are at $4,840 and $4,859. The RSI is currently at 57, leaving room to move higher. Stoch RSI has dropped and is pausing to consolidate, indicating that the market is shaking off the overbought buyers—this is a positive sign.

If the peace news actually comes to fruition, gold could be sold off for profit-taking. However, the likelihood of the price falling enough to lose its long-term structure is still relatively low, because the support from the People’s Bank of China and the long-term weakening trend of the dollar remain in place. For beginners, it’s recommended to gradually buy in tranches when prices dip near key support levels, which is safer.