The ongoing conflict in Iran is creating a challenging environment for precious metals. High energy prices are stoking inflationary pressures, keeping Treasury yields and the U.S. dollar elevated. Gold has not benefited from traditional safe-haven demand; instead, it is struggling as investors focus on the inflationary fallout from the Middle East conflict and its implications for U.S. monetary policy. On one side is a solid floor built by central-bank buying; on the other is the weight of energy-driven inflation and high interest rates. Gold is hovering around the $4,000 mark. Every year-end test of the lows for precious metals is probing just how much further the Fed can go with its tightening path.

Enter on a rebound to 4055-4065, target 4040
Enter on a pullback to 4025-4035, target 4060
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