Gold rose slightly in early trading on Tuesday, struggling to hold above the key level of $5000. If the yellow metal manages to hold above this level, it could help prices resume its upward trend, targeting resistance levels near $5094 and $5121. On the downside, if prices lose their upward momentum, they are likely to test support levels at $4971 then $4940.

Gold prices inched up on Tuesday, ‌buoyed by easing fears of prolonged disruptions to oil shipments, while investors assessed the economic impact of the Middle East conflict ahead of a slew of central bank policy decisions this week.

Market Watch

Abbas Araqchi: Strait of Hormuz not fully closed

Iran’s Abbas Araghchi said that the Strait of Hormuz is not closed to everyone, while some vessels sailed through ​the critical strait.

However, oil held above $100 a barrel as the U.S.-Israeli war against Iran kept ​the strait largely shut, stranding tankers for weeks, in the biggest disruption to global supplies on record.

Trump urges nations to help reopen Strait of Hormuz

U.S. ‌President ⁠Donald Trump repeated his call for nations to help unblock the Strait and complained that none were willing to offer assistance.

Trump said at a press conference, “We’ve protected them from horrible outside sources, and they weren’t that enthusiastic. And the level of enthusiasm matters to me.”

Dollar holds ahead Fed’s decision

The dollar index stabilized during Tuesday’s trading, awaiting positive momentum to recoup some of the previous session’s 0.7% loss, trading near its highest level in 10 months.

The ⁠U.S. Federal Reserve is widely expected to hold rates steady. Also, central banks in the UK, the eurozone, Japan, Australia, Canada, Switzerland, and Sweden are meeting this week for the first time since the war with Iran began.

Looking Ahead

No major economic news today, with focus shifting to the latest developments in the Middle East conflict.