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.
Gold markets experienced strong volatility in Q1, with record highs followed by sharp corrections. ETF flows reflected investor caution, shifting from strong inflows to outflows by March.
On Friday, the price of gold remained below 4,700 USD per ounce. For the week, the price is expected to decline by approximately 3.0%, as escalating tensions between the US and Iran over the Strait of Hormuz support rising energy prices and heighten concerns about inflation.
Gold (XAUUSD) hovers near the $4,670 pivot as central banks buy 60 tonnes monthly. Will the 0.5 Fibonacci level hold, or are we heading toward a $4,536 retest?
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates 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