Gold Price Slumps Amid Hawkish Fed and Iran Tensions

The price of Gold (XAU/USD) has been under pressure due to a hawkish Fed and increasing tensions in Iran. Currently trading around $4,439, gold is below its short-term support levels at $4,452, which represents the 23.6% Fibonacci retracement level. Despite this bearish short-term structure, the latest candle closes above the $4,396 support area, indicating a potential corrective rally.

The Relative Strength Index (RSI) has dropped to 32, signaling an oversold condition and increasing the likelihood of a rebound. Immediate resistance lies at $4,452, followed by levels at $4,487, $4,515, $4,543, and $4,570. However, breaking below $4,396 would open up the path to stronger support at $4,341.