Gold remains highly sensitive to geopolitical developments between the US and Iran. Recent fluctuations reflect traders’ cautious stance amid mixed signals—initial optimism from the reopening of the Strait of Hormuz was dampened by the US decision to maintain its blockade. This ongoing uncertainty is capping gold’s rally, with a clear breakout above resistance needed to sustain bullish momentum toward 5,000. Conversely, any escalation in conflict could quickly undermine prices, pushing them toward 4,000. Traders should monitor upcoming US-Iran negotiations closely, as the outcome will be a decisive factor in gold’s near-term direction.