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.
Gold and silver eased after a conditional US-Iran truce reduced immediate Hormuz disruption fears. While central bank buying, especially from China, continues to provide underlying support, both metals remain trapped in descending channels.
Gold: Rising yields keep pressure on prices – ING
Saudi Arabia Gold price today: Gold rises, according to FXStreet data
Philippines Gold price today: Gold rises, according to FXStreet data
United Arab Emirates Gold price today: Gold rises, according to FXStreet data
Pakistan Gold price today: Gold rises, according to FXStreet data
India Gold price today: Gold rises, according to FXStreet data