Gold Holds Steady Amid Market Turmoil, Investors Eye NFP and Middle East Tensions
Gold prices (XAU/USD) remained stable today after briefly reaching an intraday high near $4,481 per troy ounce. The initial surge in gold was driven by easing geopolitical tensions, which also led to lower oil prices globally, boosting demand for the precious metal as a safe-haven asset. However, gold trimmed its gains after market participants took profits, bringing the price back down to the $4,460 range.
Fundamentally, gold’s movement is still influenced by ongoing uncertainty in the Middle East. Tensions between the United States and Iran, along with Hezbollah’s rejection of the ceasefire in Lebanon, continue to support gold demand. Meanwhile, a slightly stronger U.S. dollar limits further upside, and investors are awaiting tonight’s U.S. Non-Farm Payroll (NFP) data, which could trigger significant moves in the precious metals market.
Technically, gold maintains a bullish bias as long as it holds above key support levels of $4,440–$4,460 per ounce. The next strong support is around $4,400–$4,420, while the nearest resistance is estimated at $4,480–$4,500. A sustained break above this zone could open the path to the psychological $4,520–$4,540 level. For the weekly close, gold is expected to trade within $4,470–$4,490, with next week’s opening likely around $4,460–$4,480, depending on NFP results and Middle East diplomatic developments.
Gold’s movement reflects a balance between profit-taking and safe-haven demand. Investors are advised to stay alert to potential volatility arising from U.S. economic data and breaking geopolitical headlines that could influence daily market sentiment.(mrv)
Source : Newsmaker.id
