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Gold rallies more than 3% as US-Iran peace hopes lift sentiment
The move pushed gold above a prior range top near $4203, with the next technical resistance seen around $4304.
Gold rose more than 3% on Wednesday to its highest level in nearly six weeks, driven by renewed optimism around peace talks between the US and Iran, which traders said eased inflation concerns.
The rally also weakened the US dollar, and technical studies pointed to strengthening momentum, including a daily Tenkan/Kijun-sen bull cross and bullish signals from the Ichimoku cloud.
The price action violated the range top near $4203, but the outlet cautioned that the signals would likely need confirmation through a sustained move above key barriers.
Action Forex also flagged geopolitical headlines as the main driver going forward, noting that momentum could face headwinds around the $4200 area, while support was seen to hold above about $4166.
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