Home›Commodities›Precious Metals›Gold prices hover near $4,100 as bearish trend persists

Gold prices hover near $4,100 as bearish trend persists

XAU/USD was around $4,110, with the metal down about 1.6% for the week and capped by resistance near $4,175 to $4,200.

Reported · Written up by our desk · Precious Metals

Gold (XAU/USD) traded in a narrow range around the $4,100 area, moving only slightly lower on Thursday as the bearish trend remained in place, the FXStreet technical outlook said.

The newsletter pointed to a broader backdrop in which renewed hostilities in Iran boosted oil prices, which in turn pressured expectations for higher central bank interest rates, weighing on precious metals.

For direction on Friday, the analysis flagged uncertainty as markets awaited developments after reports that mediators were working to resume talks between Washington and Tehran on a nuclear deal.

Technically, FXStreet said the US Dollar Index rebounded from near three-week highs and neared the 101.00 level, limiting gold’s upside attempts. It also cited nearby resistance around $4,175 and $4,200, while support was clustered between about $4,020 and $3,885.

Latest closeGold $4,131.40 ▲1.5%|Dollar index 100.94 ▼0.1%

More like this

Sources