ME News reports that on Tuesday, May 26 (UTC+8), gold prices declined as renewed tensions between the U.S. and Iran pushed up Brent crude oil prices and clouded the outlook for U.S. interest rates, fueling concerns over rising inflation and exerting downward pressure on gold. Spot gold fell as much as 1.1% to $4,521.80 per ounce. Ricardo Evangelista, an analyst at ActivTrades, said: “This uncertainty has triggered higher oil prices, intensified inflation concerns, and strengthened market expectations of a more hawkish stance from the Federal Reserve, all of which have weighed on gold.” “The path of least resistance for gold remains downward... Traders will continue to monitor developments in U.S.-Iran negotiations while awaiting the release of U.S. PCE inflation data.” (Jinshi) (Source: ODAILY)
Analyst: Gold Price’s Path of Least Resistance Remains Downward
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The gold price’s path of least resistance remains downward as renewed U.S.-Iran tensions boosted Brent crude and clouded the U.S. interest rate outlook. Spot gold dropped 1.1% to $4,521.80 per ounce on May 26 (UTC+8). ActivTrades analyst Ricardo Evangelista said the move reflects pressure from rising oil prices, inflation concerns, and the possibility of a more hawkish Fed stance. He noted that gold’s key resistance level is under threat, with support and resistance levels closely monitored as traders await U.S. PCE data and developments in Iran talks.
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