Gold prices are poised for a technical bullish rally on the daily timeframe, supported by Elliott Wave analysis indicating a 12345 pattern. This follows a 50% retracement and completion of the fourth wave, accompanied by bullish price action. Furthermore, bullish fundamentals are reinforced by escalating geopolitical tensions, such as Iran's retaliatory drone strikes against Israeli actions, potentially leading to further unrest in the Middle East and bolstering gold's safe-haven appeal. DXY's bullish movement also reflects the market's anticipation of oil-supply disruptions amid the escalating conflict.