Gold slipped on Thursday as it remained below SMA (9) on the four-hour chart, erasing the previous session’s gains. The yellow metal is currently trading near the first support level at $4367, if it breaks below this level, it could continue to decline toward the second support level at $4290. On the upside, if the price rises above the daily pivot point at $4482, it is likely to test resistance levels of $4597 then $4659.

Gold edged lower on Thursday after two consecutive sessions of gains, as investors awaited clearer signs of progress in Middle East de-escalation efforts.

Market Watch

Iran considers U.S. plan but spurns talks

President Donald Trump said Iran was desperate to make a deal to end nearly four weeks of fighting, ​contradicting the Iranian foreign minister who said his country was reviewing a U.S. proposal but had no intention of holding talks to wind down the conflict.

The conflicting statements came as the economic and humanitarian toll of the ‌war mounted, with fuel shortages spreading worldwide, sending companies and countries scrambling to contain the fallout.

Ukrainian strikes halt 40% of Russia’s oil exports

An industrial area near one of Russia’s biggest oil refineries was damaged in a Ukrainian drone attack, a Russian official ‌said on Thursday.

At least 40% of Russia’s oil export capacity is at a halt following Ukrainian drone attacks, a disputed attack on a major pipeline and the seizure of tankers, Reuters reported on Wednesday.

Dollar remains firm amid rising U.S. Treasury yields

The dollar index rose slightly during Thursday’s trading, as it looks set to extend its gains for a third consecutive session.

U.S. Treasury yield edged higher on Thursday as investors digested mixed messages around the state of negotiations between the U.S. and Iran.

Looking Ahead

Markets are closely watching U.S. Jobless Claims at 12:30 GMT, Which could influence gold prices.