Gold rose slightly on Thursday but still awaiting further positive momentum to climb in the near term. The yellow metal is currently trading near the daily pivot point at $5185, looking to break above it to touch $5241 then $5278. Conversely, if the price settles below the aforesaid pivot point, it may test support levels of $5108 then $5070.
The yellow metal is still moving within a narrow range, as global markets declined due to the widening conflict in the Middle East, which supported demand for safe haven assets.
Market Watch
Iran launches fresh missile on Israel
Iran launched a wave of missiles at Israel early on Thursday, sending millions of residents into bomb shelters as the conflict entered its sixth day and just hours after moves to halt the U.S. attacks were blocked in Washington.
On Wednesday, a U.S. submarine sank an Iranian warship off Sri Lanka, killing at least 80 people, and NATO air defenses destroyed an Iranian ballistic missile fired towards Turkey.
Trump officially nominates Kevin Warsh as Fed chair
President Donald Trump officially nominated Kevin Warsh to be the next chairman of the Federal Reserve. Warsh, if confirmed by the Senate, would succeed Fed Chairman Jerome Powell, for a four-year term.
Trump’s nomination was transmitted to the Senate, the White House said in a statement posted online on Wednesday. That transmittal came more than a month after Trump first publicly announced he wanted Warsh as the Fed chairman.
Dollar maintains gains following robust jobs data
The dollar held onto gains near a three-month high after U.S. private payrolls increased more than expected in February, though data for the prior month was revised sharply lower, the ADP’s national employment report showed on Wednesday.
Also, the U.S. services sector activity surged to more than a 3-1/2-year high in February as businesses rebuilt inventories in anticipation of strong demand, consistent with hopes for an acceleration in economic growth this quarter.
Looking Ahead
Markets are awaiting U.S. jobless claims at 13:30 GMT today, a key gauge of labor market health. Any unexpected soar or decline could move gold, as analysts monitor potential implications for Fed policy.