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fxJul 21, 2026, 10:45 AM

Gold Attempts Descending Triangle Breakout Near $4,070

Gold price (XAU/USD) rises 1.5% to $4,067 during European trading, attempting a breakout from a descending triangle pattern as oil's rally stalls amid US-Iran peace talks.

XAUUSD

Gold (XAU/USD) is trading near $4,067, up 1.5% in Tuesday's European session, as the metal attempts to break out of a descending triangle pattern. The move comes as the recent rally in oil prices has stalled, with investors gaining confidence that US-Iran peace negotiations may ease geopolitical tensions.

The precious metal's outperformance reflects a shift in risk sentiment, with traders monitoring the potential for a diplomatic resolution that could reduce safe-haven demand for oil and boost gold's appeal. The descending triangle breakout near the $4,070 level is a key technical test for gold's near-term direction.

Source: FXStreet Forex News