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I just saw gold drop below $4,700 for two consecutive days. It seems that US-Iran tensions still support the dollar as a safe-haven asset, putting pressure on gold.
Interestingly, the market is expecting the Fed to possibly cut interest rates before the end of this year. According to the FedWatch tool, there is about a 35% chance of this happening, which could limit the dollar's gains. However, gold has not yet shown a clear rebound because the risks in the Middle East remain.
From a technical perspective, if gold breaks below the support near $4,655, it will confirm a continued bearish trend. The RSI is below 50, and the MACD remains negative. We need to see what signals the upcoming FOMC meetings over the next two days will give, and how the Middle East situation will evolve.