I. Fundamental Overview

US Treasury Yields Pull Back: Expectations that the US Treasury may deploy cash to expand long-bond buybacks helped lower long-term yields, easing gold's holding cost while keeping fiscal pressure in focus.

Modest Iran Sanctions Ease Anxiety: Newly announced US sanctions targeting 60 entities proved less aggressive than feared. Concurrent declines in crude oil futures reduced energy inflation risks, maintaining underlying support for bullion. Markets now await tomorrow night's US PCE inflation release, with high intraday volatility anticipated.

II. Multi-Timeframe Technical Analysis

30-Minute Short-Term (Bullish Base / High-Level Pullback): Gold retraced from above $4,690, trading below MA1 but holding near MA20/MA30 support. RSI(14) sits at 56.64, indicating structural strength despite the pullback. Chasing highs is discouraged.

4-Hour Mid-Term (Bullish Dominance / Overbought Correction): Macro uptrend remains intact with prices trading firmly above MA1, MA20, and MA30. Sequential higher highs and higher lows persist, though RSI(14) at 74.12 reflects overbought momentum, validating the current technical pullback as a healthy consolidation.

III. Trading Execution Plan

Strategy: Buy on Pullback (Trend-Following)

Signal: Bullish

Confidence Index: 70 / 100

Entry Observation Zone: $4,657.94 - $4,668.43

Entry Midpoint: $4,663.19

Stop Loss: $4,634.00

Take Profit Target: $4,723.33

Risk-Reward Ratio: Approx. 1 : 2.06

Execution Details: Wait for price action to retest the $4,658–$4,668 support zone (confluence of 30M MA20/MA30 and 4H MA1). Confirm entries via bullish reversal candles or a firm hold above $4,668. A decisive break below $4,634.00 invalidates the short-term bullish setup.

Conclusion

Precious metal traders should monitor the $4,658–$4,668 support zone for long re-entry opportunities ahead of tomorrow's key US PCE inflation data.