Gold price jumps to three-week high as ceasefire lifts risk sentiment, with traders eyeing 50-day moving average test to confirm gold rally strength.
Gold (XAUUSD) reached an all-time high of $5598.75 on January 29 before undergoing a notable correction. This decline unfolded in a 3 Elliott waves zigzag structure, ultimately finding support at $4094.63.
Gold moves higher as ceasefire hopes between the U.S. and Iran improve market sentiment, lower oil prices, and support a bullish outlook, with further gains likely if the breakout holds while risks remain if tensions escalate again.
Saudi Arabia Gold price today: Gold rises, according to FXStreet data
Philippines 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
Malaysia Gold price today: Gold rises, according to FXStreet data
Gold eases from three-week top, holds near $4,800 as US-Iran ceasefire pressures USD
Gold reclaimed the $4,250 pivot level and started a fresh increase against the US Dollar. The price cleared the $4,400 and $4,500 resistance levels.
Gold jumps above $4,750 on Trump's Iran strike delay
Gold climbs toward $4,680 as weaker Dollar offsets war anxiety