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Gold rises on peace expectations: dollar and oil fall
Hopes of a possible agreement between Iran and the United States are pushing gold prices higher again, with the metal reaching a session high of $4,597 per ounce. The dollar failed to recover from last week’s trading lows, supporting the safe-haven asset during the European session. Oil is also declining, falling to its lowest level in the past two weeks.
Gold and silver under pressure, consolidation phase
Gold and silver are trading in a consolidation phase around key technical levels, while a strong US dollar and elevated Treasury yields continue to weigh on the sector.
For gold, a break above $4,670 could open the way toward $4,800, while a drop below $4,400 would increase the risk of a correction down to $4,200–$4,000.
Silver also remains within a wide range: $72 is the main support level, while $89 is the key threshold to confirm further upside.
Price movements will be driven mainly by the US dollar, Fed policy decisions, and inflationary pressures linked to oil.
[Source: FXEmpire]
Gold remains stable above $4,500: the market caught between geopolitics and Fed decisions
Gold remains above $4,500 an ounce following the recent rise. Negotiations between the United States and Iran are fuelling optimism in the markets.
The fall in oil prices is helping to ease inflationary pressures. Consequently, expectations of monetary tightening in the short term are waning. However, the Federal Reserve is maintaining a cautious approach. Investors remain divided over possible interest rate moves by the end of the year.
[Source: Trading Economics]
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