Gold Seeks $4,150 Mark Amid Hormuz Deal Hopes
Gold prices have been inching closer to the $4,150 mark as hopes for a diplomatic resolution in the Strait of Hormuz gain traction. Despite some risk-on sentiment in broader markets, gold has maintained its safe-haven appeal, with traders weighing reduced geopolitical risks against ongoing economic uncertainties.
The potential deal on shipping security in the Hormuz region has eased immediate supply disruptions fears, yet gold prices remain resilient. Historically, gold often retreats when tensions subside, but this time the metal is holding firm, suggesting other factors are at play.
From a technical perspective, XAU/USD has been consolidating below the $4,150 mark, with momentum indicators mixed and the RSI hovering near neutral. A decisive daily close above this level could open the door to further upside, potentially attracting trend-following funds.