Gold Struggles Below 21-Day SMA as US-Iran Talks Loom
Gold prices remain subdued as they struggle to break above their 21-day Simple Moving Average (SMA) of $2,920. This technical barrier has proven resilient for gold, with investors adopting a cautious stance ahead of high-stakes US-Iran nuclear talks scheduled for later this week.
The upcoming negotiations are expected to be a major market driver, with any signs of progress potentially reducing safe-haven demand for gold. Conversely, a breakdown in talks could escalate tensions and boost bullion's appeal.
Market participants are also monitoring the broader Middle East situation, as any unexpected developments could trigger sharp moves in gold prices. The outcome of these talks is likely to influence not only gold but also oil prices and global risk sentiment.