Gold edges higher as USD rally pauses, US-Iran conflict supports demand
Oil and Gold remain in the spotlight as the Iranian conflict continues to dominate the market. With oil jumping again, how long before we hit $100?
Stronger US dollar on increased safe-haven demand and fading prospects of Fed rate cuts, pressured yellow metal, although Wednesday's recovery, which retraced around 50% of the previous day's drop, suggests that losses are likely to be short-lived.
Gold met the targets at 5249 and 5130 and moved lower. As we see over the chart, the market is facing resistance around 5225, and if prices remain below it, the drop pressure could return towards 5065 as more of a drop is expected.
The mood has improved slightly after President Trump said yesterday that the US Navy could escort oil tankers through the strategic Strait of Hormuz, the key checkpoint for oil, where traffic remains at a standstill.
Gold (XAU/USD) rebounds 1.30% to $5,154 after a brutal 5% crash. Can the safe-haven metal clear the new $5,193 resistance as U.S.-Iran tensions escalate?
Gold price extended losses below $5,100 before the bulls appeared. WTI Crude oil prices are rising and could climb further higher toward $80.00.
The most peculiar market move in an alarming week of Middle East conflict was how the most obvious "safe haven" - gold - flubbed its lines. Instead of piling into gold, investors seemed to sprint for dollar cash, offloading anything that caught a speculative head of steam before last weekend's attacks.
Saudi Arabia Gold price today: Gold rises, according to FXStreet data
Philippines Gold price today: Gold rises, according to FXStreet data
Gold remains volatile amid U.S.–Iran tensions as dollar strength pressures prices, while geopolitical risk and strong support near $5,090 keep the broader bullish outlook intact.
United Arab Emirates Gold price today: Gold rises, according to FXStreet data