Gold Holds Near $4,220 on US-Iran MoU Hopes, Mean Reversion to 20-Day EMA Seen
Gold price holds near $4,220 during European trading, extending Thursday's recovery on expectations of a US-Iran Memorandum of Understanding. Analysts suggest a mean-reversion move to the 20-day EMA is likely.
Gold (XAU/USD) is trading near $4,220 in the European session on Friday, maintaining the strong recovery seen the previous day. The precious metal's strength is supported by growing expectations that the United States and Iran will finalize a Memorandum of Understanding (MoU).
The move follows a sharp rebound, and technical analysis points to a potential mean-reversion toward the 20-day exponential moving average (EMA) as the next possible direction.
No further details on the MoU timeline or gold price targets were provided in the original post.
Source: FXStreet Forex News