Gold is trapped between two competing narratives, and neither side is winning decisively. Last week, the precious metal rebounded after successfully defending a major support cluster around 4,400, only to see the recovery stall below 4,600 resistance.
Gold declines below $4,500 as Iran tensions stoke inflation fears and bolster Fed hike bets
Gold slides amid fragile US-Iran ceasefire that jolts US Dollar, Oil
Tensions in the Middle East put pressure on gold markets.
Oil prices, already higher on the day, spiked again in the afternoon trading, as stocks, crypto and FX markets all turned volatile on renewed escalation of Middle East tensions. Reports suggest that Iran has stopped talks with US in protest over Israel's bombing of Lebanon.
Gold continues to see pressures from the bond markets on Monday, as we are watching both the gold chart, and the ten-year yield.
Gold: Macro headwinds cap CTA upside – TD Securities
Gold starts week under pressure as US-Iran stalemate and strong Dollar cap XAU/USD
Gold Price Forecast: XAU/USD dives to $4,500 amid simmering tensions in Iran
Friday's rally was pretty much erased in today's pre-market trading.
Gold and silver remain under pressure as a stronger U.S. dollar, higher oil prices, and Fed policy risks weigh on precious metals, while traders watch key breakout levels at $5,000 for gold and $89 for silver.
Saudi Arabia Gold price today: Gold falls, according to FXStreet data