XAU/USD Current price: $ 4,038Oil prices continue to retreat as the pause in the Middle East extends. The decline was a result of the reopening of the Strait of Hormuz, resulting in plummeting Oil prices, the main factor pushing inflation higher. Indeed, Oil prices are back in retreat mode amid a new halt in hostilities and attempts to resume negotiations. XAU/USD short-term technical outlookIn the four-hour chart, XAU/USD holds to a bearish bias as it remains capped beneath the short- and medium-term moving averages. Next comes the O 200-period SMA near $4,106.37, followed by the weekly high at $4,116.