Throughout the conflict in the Middle East, gold has moved in tandem with risk assets and has shown a negative correlation with oil and the dollar. Unsurprisingly, Tehran's announcement that it was opening the Strait of Hormuz triggered a surge in gold to monthly highs, whilst the US seizure of an Iranian tanker caused the precious metal to take a step down.
Gold slips as markets await clarity on US-Iran talks
As we see over the chart, the Intraday levels still showing the chance for an advance wave as the market holds above the support trend of 4695 which could push for further advance. Below 4695 more drop will be expected with supports at 4633 and 4554.
Gold (XAUUSD) slides to $4,780 as the US seizure of the Iranian ship Touska reignites inflation jitters. Discover the technical levels for the April 22 ceasefire deadline.
Gold slides back closer to $4,800 as USD edges higher ahead of US-Iran peace talks
Gold holds steady above $4,800 amid US-Iran ceasefire uncertainty
Gold slips toward $4,800 as Iran tensions lift yields and Oil
Gold continues to be very noisy on Monday, as headlines coming from the Middle East continue to be very difficult to deal with. This market will have to be careful of the interest rates, and if they are rising.
Gold price slips as dollar and yields rise on renewed U.S.-Iran tension; XAUUSD tests support while traders watch key levels for the next move.
Gold prices gapped lower overnight but have since pushed higher to almost get back to the closing level of Friday's session. The situation in the Middle East has clearly intensified again in the last couple of days, shifting our gold forecast tilted slightly to the downside amid increased risks of another sharp spike in oil prices, which could result in a higher dollar and bond yields.
Gold steadies after gap lower as markets assess US-Iran developments
Gold Price Forecast: XAU/USD remains trapped in a range below $4,850