Recent news regarding US-Iran negotiations has been inconsistent, leading to significant volatility in gold prices. Until a final outcome is reached, the market is likely to continue fluctuating within a range without a clear, sustained directional trend. Avoid chasing rallies or sell-offs prematurely.

On the 4-hour chart, gold continues to trade within a consolidation pattern. Resistance above remains near the 4800 level. If gold faces selling pressure around 4800, the 4-hour chart could maintain a head-and-shoulders top formation. A sustained break above 4800 would be needed to extend the short-term rebound, but even a breakout above this level is unlikely to trigger a major unilateral trend, given the potential for sudden shifts in market sentiment based on news flow.

Reflecting on yesterday's price action, gold opened lower, tested support, and then recovered, likely catching some bullish investors off guard. The breach of the 4700 level initially suggested a bearish turn, but the session ultimately saw a rebound from the lows, with a gradual upward move into the early hours, closing the day with a moderate bullish candle. This indicates that short-term gaps, either up or down, do not necessarily signal a clear directional bias. Yesterday's lower opening was largely influenced by the lack of significant progress over the weekend in the negotiations.

For both long-term and short-term trading, the broader range to watch remains between the recent high and low of 4640-4860. The immediate trading range for short-term operations is between 4700-4800. Following the rebound in the early hours, gold has created some short-term bullish momentum. However, with prices approaching the near-term resistance zone of 4780-4800 again, short-term strategy currently favors initiating short positions to capitalize on a potential pullback within the ongoing consolidation.