Gold Price Plummets Amid Iran Escalation and Revived Fed Hike Concerns

The price of Gold (XAU/USD) has broken down from its rising trendline and $4,422 support zone on the 4-hour chart, indicating a significant short-term structure shift. The current trading price is at $4,307, with a sharp decline from the previously mentioned area.

The falling price has entered the oversold territory, with an RSI reading in the low 20s. However, this could potentially lead to a corrective bounce as the bullish trend remains intact.

The next critical zone for Gold is the $4,263 - $4,221 demand area, which the market is approaching quickly. The Iran escalation has revived concerns about a potential Fed hike, further impacting the gold price.