Gold Price Forecast: Gold Defends $3,950 as Hormuz Risk Supports Rebound
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Key Points:
- Gold remains bullish above $3,950 as buyers defend the key support zone.
- Strait of Hormuz tensions keep safe-haven demand alive despite ceasefire efforts.
- A break above $4,350 may confirm a rebound towards the $5,000 region.
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Gold (XAU) price remains supported as the Middle East tensions keep the safe haven demand alive despite the recent correction to long term support zones. The fragile ceasefire around the Strait of Hormuz has not removed the risk premium and sticky PCE inflation keeps the Fed outlook uncertain. In my view, gold remains bullish above $3,950, but the price must break above $4,350 to confirm a stronger rebound towards $5,000 and higher levels.