Zoom out and gold is flat over the past two weeks. What's the signal?

Gold has maintained a flat trajectory over the past two weeks, but the volatility it experienced previously has left investors feeling uneasy. Two weeks ago, gold rallied from $4629 to $4982, nearing the psychological level of $5000 and generating bullish sentiment. However, in the current week, gold failed to hold above this crucial level, contributing to disappointment among investors. After reaching a high of $5600 last week, it plunged to $4400 before bouncing back to $4951, showcasing extreme volatility that discourages buying. Market participants are hoping for stability in the coming weeks, particularly as they assess the upcoming non-farm payroll report and geopolitical factors surrounding Iran and Ukraine. A consolidation in the $4500-$5000 range over the following weeks could signal a return to bullish patterns, but the recent high volatility raises concerns about ongoing market dynamics.