Just keeping an eye on today's gold situation, the price fluctuated around $4,700 after the news of a ceasefire between the U.S. and Iran, which briefly seemed to ease concerns. But not long after, Mohammad Bagher Ghalibaf, the Speaker of Iran's Parliament, came out complaining that the U.S. violated the agreement, resulting in the Strait of Hormuz remaining closed, and oil prices surged accordingly.

What has a greater impact on gold is the latest Fed meeting report, where members started to turn pale at the possibility of inflation bouncing back from oil prices. Some even talked about the chance of raising interest rates instead of cutting, which is damaging to gold because when interest rates are high, people don't want to hold assets that don't generate returns.

The positive is that China continues to buy gold into its reserves despite heavy price drops in March. This is a sign that gold still holds value in times of crisis. The market is currently choosing a path. If the support level at $4,700 holds, we might see a rebound. If it doesn't hold, we have to wait for another lower support level.