United Arab Emirates Gold price today: Gold rises, according to FXStreet data
Gold scales higher as US-Iran peace hopes and easing inflationary concerns undermine USD
Gold futures sold off hard despite elevated geopolitical tension as rising crude oil prices pushed the higher-for-longer Fed narrative back to the forefront.
Gold slumps below $4,700 as stalled Iran peace talks weigh
Gold prices have started to pull back after stalling near a key resistance zone, marking a shift in near-term momentum following a strong multi-week advance. The rejection highlights the importance of this barrier, with price now drifting back toward support levels that could determine whether the recent rally was merely corrective or part of a broader bullish continuation.
Gold remains under pressure following a rising wedge breakdown, with momentum stalled below key moving averages and downside targets emerging toward $4,381 and $4,252.
United States CFTC Gold NC Net Positions: $164K vs $162.5K
Gold rebounds as Iran-US deal hopes drive upside
Gold fell below 4695 which could lead to a further drop. As we see from the chart, the market is facing a resistance zone at 4765-95, where as long as prices hold below it, the drop pressure could continue as support at 4554 could push for a rebound.
The first quarter in the gold market was marked by high volatility. Prices reached a record high of nearly USD 5,600 per ounce in January, followed by two sharp corrections.
The gold market continues to be very sensitive to interest rates and how they are moving, mainly because of the news flow coming out of the Middle East.
Gold price slips for first weekly loss in five as oil surge lifts inflation fears. Rising yields and stronger dollar pressure the gold market outlook.