Gold is currently trading below $4,700 again, and this is the second day in a row. What I observe: Iran-U.S. tensions are pushing the dollar higher, while the yellow metal remains under pressure. All diplomatic efforts seem to have stalled after Trump withdrew his special envoy. This increases geopolitical risks and makes the dollar more attractive as a safe haven.

The FedWatch data shows about a 35% chance of a rate cut by the end of the year. This could slow the dollar rally and give gold some breathing room before the FOMC meeting begins. It will be interesting to see Powell’s press conference – there could be decisive signals for the gold forecast 2030.

Technically, the outlook for gold looks rather bleak. The RSI hovers below 41, and the MACD histogram is negative. The $4,655 support level is critical – if gold breaks below it, the negative trend is confirmed. The 200-day SMA at $4,723 would be the first resistance for a recovery.

In view of the gold forecast 2030, such short-term fluctuations play a role, but long-term, geopolitical uncertainties and monetary policy developments are decisive. Currently, many indicators suggest that gold could fall further before stabilizing. The coming days will show whether the gold forecast 2030 will be characterized by recovery or further declines.