Gold fell below 4,700 USD per troy ounce on Monday, extending last week's losses. Pressure on the precious metal has intensified following the breakdown of attempts to resume negotiations between the US and Iran, as well as the continued closure of the Strait of Hormuz, supporting inflationary risks.
Gold Price Forecast: XAU/USD hesitates around $4,700 with geopolitics, central banks eyed
Gold clings to $4,710 support while Silver faces industrial volatility. Discover key Fibonacci levels and technical trade ideas for XAU/USD and XAG/USD today.
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.