Gold prices edged lower at the start of the week, pressured by inflation concerns that clouded the outlook for U.S. monetary policy, while markets awaited further developments from peace negotiations between the United States and Iran.

Spot gold fell 0.5% to $4,588.71 per ounce as of 06:55 GMT, while markets in China, Japan, and the United Kingdom were closed for public holidays.

From a broader trend perspective, there has been little change compared with the end of last week. Gold is still moving within the upward wave structure from white A to white B, with an internal a-b-c formation. At the current stage, gold is declining from wave a toward wave b. The target of this wave b could potentially bring gold back toward the $4,500/oz area.

On the other hand, if gold can break above the $4,701/oz level, accompanied by a bullish price structure, it would suggest that the corrective phase has ended. In that case, the uptrend may return and continue supporting the formation of the white wave B.

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