Gold prices fell on Friday, but they continue to show positive signs, as they remain above the minor bullish trend line on the four-hour chart. The yellow metal is currently looking to hold above the daily pivot point at $4,102, targeting resistance levels at $4,160 then $4,203. On the downside, if the price fails to maintain trading above the aforementioned pivot point, it may retreat toward support levels near $4,065 then $4,022.
Global financial markets remained focused on escalating geopolitical tensions in the Middle East after Iran launched attacks on U.S. military infrastructure across the Gulf, heightening concerns over potential disruptions to global energy supplies. The renewed uncertainty supported oil prices, which were on track to post weekly gains amid persistent supply risks and fears of further instability in the region. Meanwhile, the U.S. dollar headed for a third consecutive session of losses as investors assessed geopolitical developments alongside expectations for upcoming U.S. economic data and the Federal Reserve’s policy outlook, prompting a shift toward broader market repositioning.
Market Watch
Iran Launches Attacks on U.S. Military Infrastructure Across the Gulf
Iran launched attacks on U.S. military infrastructure across several Gulf countries on Friday, July 10, 2026, in retaliation for recent U.S. airstrikes targeting military sites inside Iran, marking a significant escalation that threatens to undermine efforts to contain the regional crisis.
According to Iranian media, the attacks targeted U.S. military facilities, including Patriot air defense systems in Kuwait, an early warning site in Qatar, a fuel storage facility in Bahrain, and additional military targets in Jordan. Tehran stated that the operations were carried out in response to the latest U.S. strikes against Iranian territory.
Meanwhile, the U.S. military confirmed that it had conducted a series of strikes against dozens of Iranian military targets, stating that the operations were aimed at degrading Iran’s military capabilities and preventing threats to maritime security in the Strait of Hormuz. Several Gulf states also reported intercepting a number of missiles and drones launched during the attacks.
The latest escalation has heightened concerns over the possibility of a broader regional conflict, as tensions surrounding the security of the Strait of Hormuz continue to grow, raising fears of potential disruptions to global energy markets.
Oil Heads for Weekly Gains as Supply Risks Persist
Oil prices were on track to post weekly gains on Friday, July 10, 2026, supported by persistent concerns over global supply disruptions amid escalating geopolitical tensions in the Middle East and continued uncertainty surrounding crude shipments through key maritime trade routes.
Market participants remained focused on developments related to tensions between the United States and Iran, with concerns that any further escalation could disrupt shipping through the Strait of Hormuz, a strategic waterway that carries nearly one-fifth of the world’s oil supply. These concerns continued to add a geopolitical risk premium to crude prices.
Oil prices also found support from expectations of resilient global fuel demand during the summer travel season, along with signs of declining inventories in several major markets. Investors are also closely watching upcoming developments regarding OPEC+ production policy, as well as U.S. economic data that could influence the outlook for global energy demand.
Despite the weekly gains, oil markets remain highly volatile as traders weigh the risk of a broader conflict in the Middle East against concerns that slower global economic growth could limit further upside in crude prices.
U.S. Dollar Heads for a Third Consecutive Session of Losses
The U.S. dollar was on track to decline for a third consecutive session on Friday, July 10, 2026, as demand for the greenback weakened ahead of key economic data releases and remarks from Federal Reserve officials that could provide fresh clues on the future path of U.S. monetary policy.
The U.S. Dollar Index, which measures the greenback against a basket of six major currencies, edged lower as investors reduced long-dollar positions ahead of important economic reports. Meanwhile, markets continued to assess the impact of ongoing geopolitical tensions in the Middle East on the global economy and inflation expectations.
The dollar also came under pressure as improving risk sentiment across global financial markets boosted demand for other major currencies. At the same time, investors remained focused on the outlook for U.S. interest rates, with markets divided over the timing of any future policy moves by the Federal Reserve.
Market participants are now awaiting the upcoming U.S. inflation data, which is expected to play a key role in shaping the direction of the U.S. dollar and global financial markets in the coming days.