Gold market analysis

"Gold Price May Be Forming a Double Bottom Pattern" Completed on 23/6/2026 09:36  
Negotiations between the U.S. and Iran in Switzerland continue, focusing on ceasefire in Lebanon, nuclear issues, and sanctions relief. However, disagreements persist on certain topics—Iran denies some nuclear commitments, while Trump retains the possibility of attacking Iran again. Meanwhile, shipping through the Strait of Hormuz is gradually resuming, and oil supply is slowly returning to normal. 

Gold prices remained volatile at higher levels, with spot gold briefly dropping to $4,169 at the close of London trading before gradually recovering. However, in today's early Asian session, it still failed to reclaim the previous high of $4,201 before the sharp decline, peaking only at $4,198. On the hourly chart, gold remains trapped between the 20SMA (currently around $4,194) and the 50SMA (currently around $4,181). 

From an optimistic standpoint, gold prices and the 20SMA are above the 50SMA, suggesting potential upward breakout after consolidation. The chart pattern shows a slight descending triangle formation, and with the latest PCE data set to be released by the U.S. on Thursday, investors are likely to monitor this release closely to gauge the future direction of U.S. interest rates. 

Based on the descending pennant pattern on the hourly chart, gold is likely to test 4,160 dollars or even lower during the day. If this level is breached, prices could move toward testing 4,110 and potentially 4,000 dollars. However, from a daily chart perspective, gold appears to be forming a double-bottom pattern, and the possibility of another attempt to challenge 4,382 dollars (temporarily viewed as the neckline of the double bottom) cannot be ruled out. In the short term, however, price movements are expected to remain largely sideways with repeated fluctuations. 

The above content is for reference only and does not constitute investment advice.