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Gold Price Struggles with 21-Day SMA Amid US-Iran Talks and NFP Looming

Guavy AI Editorial Team
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Gold
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Gold prices continue to consolidate around $4,050 in Asia on Monday as the precious metal struggles with its 21-day simple moving average (SMA).

The bearish near-term technical outlook for gold overshadows bullish fundamental factors, causing it to hold onto the previous week's downside bias.

Gold sellers dominate the market ahead of this week's key US economic data releases, including the Nonfarm Payrolls (NFP) report, which could provide a fresh impetus to the US Dollar and gold traders.

The further decline in gold prices appears capped by broad-based US Dollar weakness, fueled by the USD/JPY sell-off and hopes of US-Iran diplomatic efforts.

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