Gold has recently been fluctuating within the $4,000–$4,100 range, appearing poised to break out in a specific direction soon. Following the latest Federal Reserve interest rate decision, the US Dollar Index fell below the 100 mark; however, gold did not rise. Instead, it remained in a phase of market churning—a pattern that often precedes an upward move.

Furthermore, there is a high probability of an agreement being reached between the US and Iran, and crude oil prices have largely retreated to pre-conflict levels. Consequently, the market is unlikely to be overly concerned with oil price fluctuations.

From a technical perspective, gold’s prolonged consolidation near the $4,000 level suggests a strong possibility that a bottom is forming. As long as the support level holds, going long on gold at an opportune moment is a sound strategy. The overhead resistance zone lies near $4,100–$4,120. If gold successfully establishes itself above this area, the next target is highly likely to be the $4,200–$4,300 range. Therefore, entering a long position in the $4,015–$4,025 zone today is a favorable option.