Gold price forecasts for upcoming days: key factors needed to reach higher levels

Gold prices are expected to face caution in the coming period after the ounce price failed to stay above the $4,100 level, amid escalating geopolitical tensions in the Middle East, especially between the United States and Iran over the Strait of Hormuz. Technical forecasts indicate that key resistance levels are at $4,075, $4,130, and $4,200, while psychological and nearby support zones are at $4,000, $3,965, and $3,890. The downward trend remains dominant in the market, with a need for the price to sustainably break through the $4,075 and $4,200 levels to change the trend. Meanwhile, the metal is expected to stay around the $4,000 mark in the near term, particularly due to ongoing tensions, U.S. monetary policy, and their effects on the market.

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