A Buying Opportunity Amidst Global Uncertainty.

(Chart Analysis on H4 T.F)

The gold price has been trading within a flat top and bottom channel, indicating a period of consolidation. A strong horizontal resistance line and an inclined support line are visible on the chart. Notably, the trend has reversed three times from the resistance line and twice from the support line.
Currently, the trend is testing the support line, where we anticipate a third reversal. Following this, we expect the price to move towards the resistance line.

(News Impact on Gold Market)

The current global economic uncertainty, fueled by rising inflation concerns, geopolitical tensions, and the COVID-19 pandemic, has created a favorable environment for gold prices to rise. Recent news and events that may impact the gold market include:

- The US Federal Reserve's decision to maintain interest rates, which may lead to a weaker US dollar and higher gold prices.
- The ongoing geopolitical tensions between the US and Iran, which may increase safe-haven demand for gold.
- The rise in COVID-19 cases globally, which may lead to increased uncertainty and higher gold prices.

Trade Setup:
Based on our technical analysis and news impact, we recommend opening buy positions in gold.
- Entry: Buy gold at 2645-2655
- Stop Loss: 2633 (below the support line)
- Target Prices:
1. 2670 (T.P1)
2. 2685 (T.P2)
3. 2700 (T.P3)
4. 2717 (T.P4, final target near the resistance line)

This trade setup offers a potential profit of 72 points, with a risk of 12 points. We believe that the current market conditions and news impact make this a attractive buying opportunity for gold.