Gold rose 1.58% on the week to $4,293, trading a $4,170-$4,246 range as Iran peace hopes offset rate-hike fears.
Bull case
- Weekly gain of 1.58% despite competing crosscurrents (MEDIUM)
- Central-bank demand still a structural tailwind (MEDIUM)
- 397.7t Q1 private investment demand, +50% YoY (MEDIUM)
Bear case
- Iran peace hopes reduce the safe-haven bid (HIGH)
- Rate-hike fears build into the following week's FOMC (HIGH)
- Range-bound week suggests indecision, not conviction (LOW)
Levels that matter: Support $4,218 / Resistance $4,297.