It is clear from the 4-hour frame chart of the pair that it is trading within an ascending price channel now, and after reaching the upper limit of the channel, we expect the rebound to begin falling from the 2055 levels, and the decline will be confirmed by closing below the 2060 levels on the same time frame.

Therefore, we expect gold to fall to the 2030 levels at the lower border of the price channel, then by breaking the price channel, and after retesting, we expect the decline to continue towards the 2000 levels at a maximum.

This is in the event that any of the political tensions in the region do not escalate, which in turn will push gold upwards, considering that it is a safe haven in times of crises. The analysis based on closing the highest levels of 2070 fails, breaching which opens the way for further rise towards the levels of 2100.