GCAP GOLD notes that gold prices have slipped to $4,022 per ounce, as oil prices remain elevated and stoke concerns that inflation could reaccelerate. This has led the market to price in a higher probability that the Federal Reserve may raise interest rates at least once before year-end, which has pushed the dollar higher to near a one-month high and weighed on gold in the short term. Meanwhile, tensions between the United States and Iran continue to intensify, with the US carrying out strikes on Iran for a thirteenth consecutive night, targeting military command centers, drone depots, communication systems, and maritime capabilities. Iran and its allies have retaliated against bases linked to the US in Kuwait, Bahrain, and Jordan, while the Houthis have attacked Saudi oil tankers in the Red Sea. The spreading conflict into critical shipping lanes further heightens supply risks and has driven oil prices to their highest since June 11. Additionally, President Donald Trump's announcement of import tariffs of 10 to 12.5 percent on 60 trading partners adds to trade uncertainty. Although these concerns support safe-haven buying, they are also positive for the dollar in the short term, leaving gold at risk of a correction ahead of the Fed meeting next week. On the technical front, gold failed to break above the 200-day EMA around $4,160 and has weakened further, while the MACD has turned negative and the RSI has dropped near 41, indicating that sellers still have the upper hand. A clear break below $4,000 and support at $3,980 would confirm a negative picture and open the risk of a deeper decline. Short-term resistance stands at $4,090 to $4,125, with key resistance at $4,160; the price must reclaim and hold above that level to ease downward pressure. For trading strategies, short-term traders are advised to wait for rebounds and scale into sells around $4,090 to $4,120 if resistance holds, then look to re-enter long positions near the support zone of $4,000 to $3,975. Medium- to long-term traders are recommended to wait for pullbacks near $4,000 to $3,975 to buy, provided the support base holds and buying signals emerge. For Thai gold, long positions should consider scaling out to take profit if rebounds fail to clear the 65,200 to 65,600 baht area.