Silver and platinum have also gained strong upside momentum in today's trading session.
XAUUSD buyers hold Tuesday's gains as ceasefire hopes offset rising crude, Treasury yields and dollar strength after fresh Middle East attacks.
Gold rose around 1.5% on Tuesday as fresh signals of diplomatic action to de-escalate US-Iran war cooled inflation risks and expected to ease pressure on the US central bank.
Gold managed to pass above the resistance of 4050-60 with signs of more advance yet to come. As we see from the chart, prices face support around 4020-40, where as long as prices hold above, more advance towards 4100 and 4200 will be likely.
Gold climbs as buyers defend $4,000, hawkish Fed expectations limit upside
At the time of this market review, precious metals and major cryptocurrencies were producing some of the clearest bullish signals. US stock indices were also recovering, although several important resistance levels still stood between a rebound and a more convincing bullish continuation.
Gold breaks above its descending trendline as central bank buying offsets Fed uncertainty. See the latest outlook for XAUUSD and XAGUSD.
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