I have noticed that gold has started to face real pressure in recent weeks. The price dropped near $4,640 after breaking the important level of $4,650, reflecting a clear technical shift toward a bearish trend. The dollar is very strong at the moment, and investors prefer to hold cash before central bank decisions.

Geopolitical factors no longer support gold as they did before. U.S.-Iran talks have stalled, but the market does not see this as a direct support factor. Instead, investors associate tensions with rising energy prices and inflation, which means expectations of higher interest rates. This directly puts pressure on gold.

Regarding gold price forecasts for the upcoming period, analysts are divided. Some see that gold could fall further toward $4,600 or even $4,500 if central banks tighten their stance. But others believe that any pullback toward $4,600–$4,650 could be a good buying opportunity, especially if signs of economic slowdown appear. Gold price forecasts heavily depend on the Federal Reserve’s and other banks’ decisions.

Important technical levels now: $4,550 as initial support, and $4,450 as second support. On the resistance side, $4,750, $4,850, and $4,950 are potential targets if buying momentum returns. Technical indicators indicate oversold conditions, but this does not mean a near-term reversal. The market remains under sellers’ control.

Summary: Short-term gold price forecasts remain bearish unless the price recovers above $4,650. But in the medium term, any decline could create opportunities for buyers betting on a weaker dollar or the emergence of new economic concerns.