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Gold (XAU/USD) price dives more than 3% on Tuesday as the Greenback rebounds amid Washington-Tehran talks that, according to a senior White House official quoted by Axios, are showing signs of progress. At the time of writing, XAU/USD trades at $4,869 after reaching a daily high of $5,000.
💡 DMK Insight
Gold’s sharp drop over 3% signals a critical shift in market sentiment driven by the strengthening dollar and geopolitical developments. The rebound of the Greenback, particularly in the context of improving Washington-Tehran relations, is a key factor here. Traders often view gold as a hedge against currency fluctuations, so when the dollar strengthens, gold tends to weaken. With XAU/USD currently trading at $4,869 after peaking at $5,000, it’s essential to watch for further dollar strength, especially if economic indicators support this trend. If the dollar continues to gain traction, we could see gold testing lower support levels, potentially around $4,800. On the flip side, if geopolitical tensions escalate unexpectedly, gold could regain its safe-haven appeal. Traders should monitor the upcoming economic data releases and any updates on U.S.-Iran negotiations closely, as these could trigger volatility in both gold and the dollar. Keep an eye on the daily chart for any reversal patterns that might indicate a buying opportunity at lower levels.
📮 Takeaway
Watch for gold to test support around $4,800 if the dollar continues to strengthen; monitor geopolitical developments closely for potential volatility.
