Gold declines below $4,100 as US–Iran tensions revive inflation worries, Fed rate hike bets
At the end of June, I outlined the potential for gold to bounce from the $4,000 level. While there was, of course, the obligatory noise around that key support, bulls eventually gained some traction, with gold rising 6.6% from last week's low to Friday's high.
Gold remains under pressure after another rejection at key resistance, reinforcing the bearish trend structure and increasing the likelihood of another test of lower support.
Gold slips as Trump's Iran warning lifts US Dollar
Precious metals are losing ground as traders worry that Fed would raise rates soon.
Gold is starting to face difficult trading sessions. Over the last 2 trading sessions, XAU/USD has shown a renewed weakness bias, with a decline of just over 3.00%.
Gold gaps lower as the US bombs Iran, and interest rates spike again. At this point, the markets are likely to be looking for a break in geopolitical risks to resume attempting to go higher.
The United States struck Iran again last night.
Gold retreated from the resistance of 4200 while managing to meet the target of 4100 and broke below it today. Intraday shows a chance to test the support at 4020-30 which could push for a rebound to test the 4095-4100 zone.
Gold prices fall as oil surges, Treasury yields climb and Fed rate hike bets rise. See why $4041 support is critical for the next move in XAU/USD.
Gold retreats below $4,100 after US President Trump says Iran ceasefire is "over"
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