Given the current geopolitical and geoeconomic developments, gold prices remain under pressure.
The current situation in the Strait of Hormuz continues to play a significant role in determining global economic conditions.
The disruption of energy supplies, such as oil and gas, has put almost all countries on high alert.
Many affected countries are currently preparing for the worst-case scenario if oil and gas supplies continue to be disrupted.
This is one of the other factors currently significantly influencing gold price movements.
Furthermore, the state of the US economy is also a contributing factor.
If the current situation continues to deteriorate, gold prices could fall to the 38 – 39 % Fibonacci level, which is between 3900 and 4000.
Be careful in trading gold for now, waiting for a position during a correction is a better decision than getting caught in a FOMO situation.
God Bless !