Gold prices soared during Thursday, holding onto the gains recorded in the previous session, as they trade above the key $4,400 level. The yellow metal is currently looking to break above the first resistance level at $4,452; if it succeeds, it may continue to climb toward the second resistance level at $4,491. On the downside, if the price falls below the daily pivot point of $4,389, it is likely to test support levels near $4,336 then $4,292.
Gold prices firmed on Thursday as the Treasury yields eased, while investors strapped in for U.S. nonfarm payrolls data.
Market Watch
Trump aides seek ‘quiet’ in Iran war
Top aides to President DonaldTrump are pushing to keep the Iran war from escalating before November’s midterm elections to staunch Republican electoral losses, four people familiar with the discussions said, a strategy already under strain as the U.S. and Iran exchanged back-and-forth attacks overnight.
White House officials will consider ramping up military action after the November 3 vote, said the sources, who requested anonymity to describe internal thinking, though any return to full-scale conflict is far from a given. The U.S. military said its latest strikes were retaliation for recent attacks on American forces and marine traffic in the region.
Oil prices take a breather
Oil prices edged lower on Thursday as investors weighed the uncertainty of renewed military strikes between the U.S. and Iran that risk disrupting supplies from the Middle East.
Besides that, U.S. President Donald Trump said on Wednesday that the renewed U.S. campaign against Iran would not continue for “too long” and that U.S. forces had targeted Iran’s radar and missile systems.
Dollar index under downward pressure
The dollar fell on Thursday as investors continued to assess the outlook for monetary policy following data showing a slowdown in private-sector job growth.
Meanwhile, the dollar is on track to post losses for the second consecutive session, having fallen 0.3% during Thursday’s trading.
Looking Ahead
Markets are awaiting U.S. ISM Services PMI at 15:00 GMT, which could influence gold price.