Gold continues to weaken for the second consecutive day, falling below $4,700. The main reason is the unresolved tension between the U.S. and Iran, which keeps the dollar strengthening as a safe-haven asset.

Looking ahead, the upcoming FOMC meeting starting this Tuesday will be a key determinant of the market direction. Investors are awaiting statements from Chairman Jerome Powell for clues about the potential interest rate cuts next year. According to FedWatch tools, there is about a 35% chance that the Federal Reserve will cut rates later this year, which suggests the dollar may not remain as strong as previously expected.

From a technical perspective, gold is in a state of decline after failing to stay above the 200-period moving average at $4,723. The RSI index is around 41, and the MACD remains negative, indicating that the downward momentum still exists. The next significant support level is approximately $4,655. If this level is broken, the loss could intensify further.

In reality, what matters most is monitoring news from the Middle East and statements from senior central bank officials, including Chief Financial Officers (CFOs), who influence financial decision-making. Geopolitical risks remain unpredictable, which could immediately impact the dollar and gold prices.