Gold is finding support from a weaker dollar and is currently testing a significant resistance level close to 4800.

Gold keeps going up after bouncing back from below $4,650, picking up pace during Asian trading hours. Even though the US and Iran didn't reach an agreement after their weekend talks, people in the markets are still hoping that diplomatic efforts will continue. Meanwhile, the US dollar is feeling the pressure because nobody is sure what the Federal Reserve will do next with its policies, and this helps gold prices stay firm.

US Vice President JD Vance mentioned he was carefully optimistic, saying that talks with Iran have moved forward and a bigger deal might still be possible. This positive view is helping to keep the overall mood in the market fairly stable, and it's also making people want the dollar less, which then helps gold prices.

At the same time, growing problems in the Middle East are pushing energy prices up, making people more worried about inflation. The latest US inflation numbers showed a noticeable increase, mostly because energy costs went up. Even though this could mean more interest rate increases, people in the market aren't all on the same page. The CME FedWatch tool still suggests there's a chance rates might be cut later this year, which puts more pressure on the dollar and is good for gold.

Even with all these things helping gold, it can't go up too much because geopolitical risks are getting worse. Reports say the US has started a naval blockade in the Strait of Hormuz, which has led to strong reactions from Iran. This continuing conflict keeps things very uncertain, stopping any big moves in one direction and limiting how much gold can rise.

Gold (XAUUSDT) remains trapped within a range, which brings up the question of whether it will break through the 4800 mark next.

XAUUSDT is currently trading around 4740 after recovering from its recent lows. However, its price is still stuck between 4675 and 4800. What we're seeing now looks more like a recovery than a definite breakout.

There's resistance around 4760–4775, and an even tougher barrier closer to 4800–4825. For the downside, support is staying firm at 4675–4680, and there's another support area lower down, around 4570–4590.

The momentum is slowly getting better, suggesting that buyers are coming back into the market, but it's not yet strong enough to signal a lasting trend.

If the price stays above 4720–4730 and manages to push past 4765, it might move up towards 4800. But if it gets rejected near 4760–4775 and then falls below 4720, we could see it drop back to 4680.

Right now, the price is in the middle of this range, which isn't the best place for trading. It makes more sense to look for places to enter a trade closer to important support or resistance levels, or to wait until it clearly breaks above 4800 to confirm a move.

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