Gold edged up 0.07% to $4,308.98 as a US-Iran peace deal reopened Hormuz shipping routes.
Bull case
- US-Iran peace deal reduces energy-market disruption risk (MEDIUM)
- Central-bank buying steady into the Fed meeting (MEDIUM)
- Support holding ahead of the FOMC decision (LOW)
Bear case
- Peace deal removes a geopolitical risk premium from gold (MEDIUM)
- Fed meeting uncertainty capping upside (LOW)
Levels that matter: Support $4,301 / Resistance $4,475.