FX.co ★ GOLD. Lack of Progress in Iran Negotiations May Once Again Drive Gold Prices Down

Trump is once again stirring up the markets with promises of reaching a peace deal this weekend. Whether this will happen remains an open question and could affect the likelihood of a reversal in market trends, similar to what was observed yesterday, Thursday. On this wave, the price of gold may resume its decline towards yesterday's local low.

From a technical standpoint, the absence of positive news from the Middle East could lead to a renewed drop in gold prices.

Technical Analysis and Trading Idea:

The price is currently below the middle line of the Bollinger Bands, below the 5-period SMA, but still above the 14-period SMA. The RSI is below the 50% level and is moving horizontally. The Stochastic is turning downward.

I believe it is worth selling gold after a decline below 4150.50, with a potential drop to 4111.80.