Gold retreats slightly, holds range as traders weigh Fed outlook and US-Iran talks hopes
The price of gold rose to 4,800 USD per troy ounce on Wednesday, with the local trend gaining strength. The precious metal is supported by expectations of a possible agreement between the US and Iran, which would reduce the risks of an energy-driven inflationary shock.
As Donald Trump signaled a willingness to resume talks with Iran, the market added more advance with Intraday prices closing to the 4785-800 resistance zone. As we see over the chart, the market could hold a trading zone towards 4700 before advancing back again toward 4860.
Gold (XAU/USD) takes a breather at $4,815 after a failed attempt at the $4,860 resistance. Discover how the resumption of US-Iran diplomacy in Pakistan is reshaping the safe-haven trade.
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Pakistan Gold price today: Gold falls, according to FXStreet data
India Gold price today: Gold falls, according to FXStreet data
Malaysia Gold price today: Gold falls, according to FXStreet data
Gold eases from four-week top as Hormuz risks temper USD weakness
Gold advances to a four-day high, maintaining bullish momentum after reclaiming key support, with focus shifting toward confluence resistance and higher Fibonacci-based upside targets.
U.S. dollar's pullback provided additional support to gold markets.
As the conflict in the Middle East edges towards its eighth week, financial markets are starting to diverge.