Gold Analysis (July 21): Gold showed a slight bullish signal, rebounding from around $4,000 during yesterday’s US session as US-Iran tensions showed signs of cooling down, with mediators proposing a 10-day ceasefire to revive the US-Iran deal. However, gold's upward momentum remains limited due to lingering geopolitical friction and ongoing expectations of Fed rate hikes. Currently, gold prices continue to move within a descending channel.Geopolitical tensions in the Middle East continue to simmer. Consecutive US military strikes against targets in Iran, combined with statements from Tehran that the previous ceasefire agreement has virtually collapsed, are heightening market fears of a broader conflict. The current focus extends beyond direct military engagements to the risk of disruptions along strategic energy transport routes in the Middle East—a critical link in the global oil supply chain. $\Rightarrow$ Renewed inflationary pressure $\Rightarrow$ The Fed and other central banks may be forced to keep interest rates higher for longer $\Rightarrow$ Weighing down on gold prices.
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