FX.co ★ AKR48 | XAU/USD, GOLD

XAU/USD Gold continues to decline from last week's highs above $4,760 to levels near $4,650. Precious metals are being negatively impacted by dwindling expectations of a prompt settlement of the Iranian dispute. Claims for a hawkish Fed pivot were supported by US employment figures that exceeded expectations in April. On Monday, gold (XAU/USD) retreats from its peak of the previous week, hitting session lows a few dollars above the $4,650 mark as of this writing. Precious metals are suffering on Monday due to dwindling expectations of a quick conclusion to the US-Iran war and positive US employment statistics that lessen pressure on the Federal Reserve to lower interest rates anytime soon. Iran's late proposal for a peace deal, which Iran's state media claim includes recognition of the Strait of Hormuz's sovereignty, was rejected by US President Donald Trump. The situation is made worse by Israeli President Benjamin Netanyahu's declaration that the war won't end until Iran's enriched uranium is eliminated, something Tehran finds completely intolerable. Additionally, jobs increased significantly more than anticipated in April, according to US data released on Friday, indicating that the labour market is finally normalising. These numbers discourage expectations of any monetary easing action in the near future and support Federal Reserve (Fed) hawks. Precious metals are under more pressure as a result of Monday's increase in US Treasury yields. Following last week's lower peak, AU/USD indicates a bearish near-term bias, and momentum indicators support the gentle tone. The Moving Average Convergence Divergence (MACD) line is heading lower after passing the signal line, and the Relative Strength Index is close to 45, all of which indicate increasing selling pressure.