Gold prices plummeted this morning, standing at $4,600. The downward trend continues. The main factor pressuring the market is the failed US-Iran negotiations, causing Brent oil prices to surge past $112. This is followed by concerns over rising inflation. Economic data from yesterday also did not help gold recover; the Consumer Confidence jumped to 92.8, surpassing expectations. What’s truly worrying is that next year's Inflation Expectations jumped from 3.8% to 4.7%. This is why the Fed is hesitant to cut interest rates. When interest rates remain high, gold, which does not pay interest, is being sold off by investors in favor of assets with returns.

Based on price analysis, gold has broken into a downtrend channel. RSI is approaching the oversold zone but still has room to decline further. The first support level is at $4,580. If it cannot hold, prepare to look for $4,554. The key resistance levels are around $4,641 and $4,677, following the EMA lines that previously served as support.

Today’s forecast presents three scenarios: if the price reverses and breaks above $4,608, there may be a chance to test $4,641. However, if strong selling pressure persists, $4,580 could break down to test $4,554 or fluctuate within a range, waiting for market direction. For short-term traders, caution is advised as spreads may tighten. It is recommended to wait for clear chart reactions before entering trades.