Selling pressure started to emerge following a continuous Bearish Divergence in the 1-hour timeframe, while the 4-hour and Daily charts begin to show Overbought conditions. Despite potential rebounds, if the price fails to make a Higher High above 4,696, caution is advised for a larger-degree correction. Nevertheless, it is still assessed as a correction for further upside.

Investment strategy: Re-open long positions if price pullbacks hold above $4,605; if it breaks below $4,605, delay buying until $4,556–$4,500.

Take profit on long positions if prices fail to pass $4,696–$4,673; if it passes $4,696, delay selling until the next resistance level (Stop loss if price breaks below $4,500).

Key Factors

Gold prices today are moving within a narrow range, though the overall broader picture remains positive. There is some profit-taking to mitigate risk ahead of tonight's U.S. Core PCE inflation data release, as well as the Fed Chair's remarks at the Jackson Hole symposium, which begins tomorrow. However, sell-offs remain limited due to support from falling oil prices after Russian news agency RIA Novosti reported that the U.S. and Iran have reached a ceasefire agreement, reopening the Strait of Hormuz. Another factor to monitor is the trade war, as Canada announced retaliatory tariffs ranging from 15% to 50% on over 700 U.S. goods, responding to the 50% tariffs imposed by the United States.