Tensions between the US and Iran eased over the weekend, and gold opened sharply higher on Monday following the positive news. However, recent price action has been lackluster, with rallies followed by pullbacks. Gold was no exception today, continuing its downward trend after the initial surge, maintaining its overall range-bound movement. This week is a data week, and it will be crucial to see if the data can provide a new breakthrough opportunity for gold.

Gold is generally maintaining a range-bound pattern. Support levels to watch are around 4000-4020, while resistance is seen in the 4100-4120 area. Only a break above 4200 would open up further upside potential on the daily chart. Today, watch for pullbacks to the 4000-4020 support level and look for opportunities to buy on dips.