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
Gold opened with gap-lower on Monday, hitting levels around $150 lower from Friday's high, as sentiment changed again on escalation over the weekend that resulted in closure of Hormuz strait.
Gold remained under pressure as tensions returned in middle east after the US broke the ceasefire agreement. 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 at 4695 which could lead to a further advance.
Gold: Buy dips as geopolitics whipsaw risk – OCBC
Gold (XAUUSD) slides to $4,780 as the US Navy seizes an Iranian vessel, reigniting inflation fears and boosting the USD. Analyze the 50-EMA support and $4,890 resistance.
Gold price extended losses below $4,800 before the bulls appeared. WTI Crude oil prices are rising and could climb further higher toward $92.00.
United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Pakistan Gold price today: Gold falls, according to FXStreet data
Gold struggles to extend recovery beyond 100-hour SMA as rising US bond yields cap gains