From a fundamental perspective, the current escalation of the U.S.-Iran conflict has once again hit gold prices. The closure of shipping through the Strait of Hormuz has put pressure on gold. From a technical standpoint, looking at the short-term cycle on the hourly chart, gold is still in a rebound phase after the recent decline. Personally, although I got stopped out with a losing trade earlier this morning, the direction I’m looking at for the day remains unchanged. In terms of execution, I’m still mainly looking to trade from the short side (sell from the highs);

I’ve entered the market again to lay out a plan for a move to the downside. My opening price is 4027.39. I’m placing all stop losses at 4045. If gold rebounds to 4040, I’m planning to add once. The level I prefer to watch is 4000. If it breaks down, I’ll look lower to 3985! $XAUUSD ‌