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The short-term price of gold is currently affected by selling gold to rebalance oil futures.
Last night during the live broadcast, I said that gold still has room to rise, and to short, wait for the price to reach 4850. Unfortunately, the highest this morning was 4789. Gold is heavily influenced by the overall environment. It was still rising in the early hours, but by morning, it dropped directly to 4683.
If the Iran conflict ends, the risk premium will be quickly priced out; oil prices fall → inflation expectations decline → gold's inflation hedging demand weakens.
The US dollar index has already fallen 0.65% today. If risk appetite recovers after the war ends, the dollar will strengthen again and suppress gold prices. If gold can rise further to 4850, it’s a good opportunity to short aggressively.