Gold Price Forecast: XAU/USD holds steady near $4,850 amid hopes of new peace talks
Gold’s (XAU/USD) nurses minor gains in an “inside day” on Thursday, trading at around $4,820, with price action constrained within Wednesday’s ranges. Hopes of new peace talks between the US and Iran keep precious metals buoyed, but the XAU/USD pair is failing to break resistance at the $4,850 area.
US President Donald Trump boosted market sentiment on Wednesday by confirming that negotiations with Tehran are underway and expressing confidence that the peace talks might resume in the coming days.
Investors’ optimism, however, has been curbed as the standoff over the Strait of Hormuz blockade continues. The US Central Command (Centcom) announced on Wednesday that it has closed traffic in and out of Iran’s ports, in an attempt to force Tehran to close a deal. In response, Iran’s military threatened to shut sea traffic in the Red Sea, the Persian Gulf, and the Sea of Oman, casting doubts about the ongoing ceasefire.
Technical Analysis: Above $4,850, the target is the $5,000 area
XAU/USD maintains a near-term bullish bias, but price action remains capped below the top of the last two weeks' horizontal channel at around $4,850.
Momentum indicators are showing mixed trends. The 4-hour Relative Strength Index is hovering around 59, in positive territory, but the Moving Average Convergence Divergence (MACD) hints at consolidation rather than a clear reversal.
Bulls need to break resistance at the $4,850 area (April 8, 14 and 15 highs), which would expose a previous support-turned-resistance right above $5,000. Further up, the next upside target would be the March 10 high at $5,235.
On the downside, Wednesday's lows right below $4,800 are holding bears for now. The key support level, however, is the bottom of the recent range around $4,600. A confirmation below here would negate the bullish view and add pressure toward the March 26 lows at the $4,350 area.
(The technical analysis of this story was written with the help of an AI tool.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
British Pound extends losing streak against US Dollar, US PPI in focus
Barclays: US-Iran conflict unlikely to end in next 12 months, oil exports near 85% of pre-war level
Jensen Huang's sudden resignation shrouded in suspicion: Did the White House secretly intervene? Is a return possible in the future?
Only a few days separated Jensen Huang’s strong support from the board last Sunday and his late-night resignation on Wednesday. Multiple reports of the Wednesday night Nvidia board meeting were co-authored by Washington-based journalists—who do not typically cover Nvidia—fueling rumors of "White House pressure and information leaks." Huang’s unique value lies in leveraging his personal reputation to secure the supply chain and drive the implementation of technological roadmaps, making him difficult to replace. Some analysts note that, drawing on examples such as Steve Jobs’ return to Apple, it is possible that Huang may come back in the future.
Gold recovers from YTD low, retakes $3,900; Fed hike bets and bullish USD to cap gains
Crypto prices
More
