XAU/USD breaks out of a falling wedge pattern as optimism over a potential US-Iran peace deal lifts demand for safe-haven assets.
Gold prices climbed early Thursday, extending gains after breaking above $4,700 on Tuesday, the highest level in a week. The rally follows a confirmed falling wedge breakout, driven by market optimism over a potential US-Iran peace deal.
Analysts note the pattern suggests further upside momentum, though prior resistance near $4,750 remains a key hurdle. The metal had struggled for direction amid mixed macroeconomic signals before the geopolitical developments.
No immediate market reaction data was provided, but safe-haven flows typically support gold during geopolitical easing.