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Gold rises about 1.5% as Middle East tensions seen easing
The move also followed a bounce off the $4,000 support zone and a technical break above 10-day and 20-day moving averages near $4,050 to $4,062, according to Action Forex.
Gold prices climbed around 1.5% on Tuesday after fresh signals of diplomatic action to de-escalate the US-Iran war helped ease concerns about inflation and expectations for less pressure on the US central bank, Action Forex reported.
The outlet said the latest rally gained traction as bullion bounced off a significant $4,000 support zone that had held through several attacks over the past month, and it retraced about 50% of the $4,203 to $3,960 bear leg.
Action Forex added that gold’s technical picture improved after it broke above the 10-day and 20-day moving averages, cited near $4,050 and $4,062, while 14-day momentum turned positive, though it still did not yet signal a clear direction change.
It noted that further gains may depend on whether the favorable fundamentals persist, with potential upside levels identified near $4,110 and $4,145 before the price challenges a near-term ceiling around $4,203.
Latest closeGold $3,981.40 ▼1.6%