Gold refreshes weekly top, eyes mid-$4,600 as USD weakens on US-Iran peace deal hopes
Gold edges higher above $4,550 on fragile US–Iran ceasefire
Gold remains under bearish pressure after a failed recovery, with price action pointing toward layered support zones as sellers maintain control and resistance continues to cap rallies.
Spot Gold rises to $4,560.10 after Monday's low at $4,501.04 held the value zone, but a firm dollar and elevated yields keep the gold rally capped.
Gold markets gained ground as traders focused on recent developments in the Middle East.
The week continues to unfold, and for now, gold price action has not shown any meaningful changes in the short term. The average variation over the last two sessions reflects a consistent neutral phase, with moves of around 1.5%, which, rather than indicating a clear direction, highlights a dynamic of indecision in price behavior.
Gold: Oil link and Chinese demand in focus – Commerzbank
Gold rallies slightly in early trading on Tuesday, as the markets are still moving on to the actions of the interest rate markets.
Gold lacks upside momentum as Fed hike bets grow amid US-Iran tensions
Gold managed to hit the target of 4554 and managed to fall below it. As we see over the chart, Intraday prices remain under pressure with resistance at 4680.
Gold was up 0.7% earlier, but it has been trending lower in recent times. Strong oil prices and continued hawkish rhetoric from central banks are keeping the metal under pressure.
The short‑term Elliott Wave view in Gold (XAUUSD) shows that the rally from the March 23 low completed as wave (1) at 4889.24. After this peak, a corrective pullback in wave (2) began, retracing the cycle from the March 23 low.