Gold followed a similar pattern to Silver last week, making a sharp move higher before giving back part of the advance. It is now trading sideways within the same broader range as before, while remaining inside the 4-hour fair value gap near the 4060 area.

The current geopolitical backdrop is keeping the market uncertain. President Trump has stated that Iran is strongly interested in reaching an agreement, while Iranian representatives continue to reject claims that negotiations are taking place. With these conflicting signals, Gold remains caught between two possible directions.

Rather than trying to predict the move too early, it may be better to wait for the market to reveal its intention by targeting one of the nearby liquidity zones first.

If price moves above 4120, clears the liquidity resting there, and manages to hold above that level, the next upside objective could be the buy-side liquidity above 4166. From there, Gold may continue toward the supply area located between 4182 and 4193.

On the downside, if price breaks below 4021 and takes the sell-side liquidity beneath that level, further weakness could follow toward the next liquidity pool below 3996.