Gold hits 7-week high

By Ahmed Ashraf On Aug 6, 2026

GOLD

Gold rebounded in early trading, with prices reaching near resistance at $4,350, which is likely to limit the pace of gains during today’s trading.

Support	4175	4050
Resistance	4350	4525

Gold held near a seven-week high, rising 0.4% to $4,262, while futures climbed to $4,321. Prices were supported by optimism over a potential agreement to reopen the Strait of Hormuz and ease disruptions to energy supplies, helping to calm inflation concerns and reduce expectations of further U.S. monetary tightening, despite some profit-taking pressure.

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gold

Ahmed Ashraf

Technical Analyst & Economic Researcher at LDN Global Markets

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Dollar resilience limits gains for the euro and sterling

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