Gold Eyes $4,150 Acceptance as Hormuz Deal Hopes Fuel Recovery
Gold extends its rebound from the $4,020 area, with XAU/USD pushing past $4,100 and targeting acceptance above $4,150 amid optimism around a Strait of Hormuz deal.
Gold prices continued their recovery during Wednesday's Asian session, rising from near $4,020 to breach the $4,100 handle. The move comes as market sentiment improves on hopes for a deal easing tensions around the Strait of Hormuz.
The advance sees XAU/USD now aiming for acceptance above the closely-watched $4,150 level. Traders are monitoring whether the current momentum can sustain a break above this threshold, which could open the door to further gains.
Geopolitical headlines remain a key driver for the precious metal, with the Hormuz developments providing a short-term lift despite gold's typical safe-haven role. No significant resistance has been reported ahead of $4,150.
Source: FXStreet Forex News