Gold has rebounded strongly following a surprising US-Iran diplomatic breakthrough that eased inflation and oil price concerns, which in turn reduced expectations for aggressive Fed rate hikes. The market now eyes the imminent FOMC meeting, widely expected to keep rates steady and maintain a neutral stance, with no rate cuts priced in for this year. Should the Fed lean towards easing or hint at cuts later this year, gold could gain momentum. Conversely, a hawkish surprise with potential hikes would likely weigh on prices. Technically, gold is navigating resistance around 4350-4700; a decisive break could fuel further upside, while failure might push prices to new lows. Traders should monitor Fed signals closely alongside geopolitical developments for directional cues.