Market News Analysis

US-Iran Near Interim Strait of Hormuz Agreement:

On Aug 5, reports indicated the US, Iran, and Oman are near a deal to reopen the Strait of Hormuz with 60-day toll waivers and 30-day demining. Easing geopolitical risks dropped benchmark energy prices over 5%, reducing inflation fears. Fed September rate hike odds fell from 68% to 59%, dragging the US Dollar Index below 100 and lowering holding costs for precious metals.

US Labor Market Cooling Signals Persist:

June JOLTS job openings fell to 7.36 million, below forecasts. Coupled with previous weak non-farm payrolls and downward revisions, labor cooling was confirmed. Easing fears of prolonged high Fed rates pulled 10-year Treasury yields and the US Dollar lower, supporting a steady rebound in gold and silver.

Bank of Korea Resumes Gold Buying After 13 Years:

On Aug 3, the Bank of Korea announced its first physical gold purchases since 2013 to optimize reserves. Joined by China's 20-month buying streak and a 62% YoY jump in Q2 central bank buying, strong official demand provides a solid floor for precious metals.

Markets Await ADP and Non-Farm Payrolls:

Traders await July ADP employment and Friday's non-farm payrolls report to gauge Fed policy direction. While cautious ahead of the data, geopolitical easing and lower rate hike expectations continue to build bullish momentum in gold and silver.

Gold Technical Analysis

Daily Chart: Opened at 4082.77 USD/oz, trending up to a high of 4179.49 USD on strong momentum. Moving averages remain in a death cross; medium-term shorts hit stop losses.

Intraday Short-Term (15-Min): Moving averages show a bullish alignment. Breaking above the 20-period MA near 4078.00 provided a strong long entry, hitting 2:1 reward-to-risk targets relative to the 4064.98 low.

Silver Technical Analysis

Daily Chart: Opened at 59.543 USD/oz, surging to a high of 61.885 USD. Moving averages remain in a death cross; medium-term shorts hit stop losses.

Intraday Short-Term (15-Min): Moving averages show a bullish alignment. Breaking above the 20-period MA at 59.594 offered a solid long entry, reaching 2:1 profit targets.

Risk Warning

Trading involves risk of loss. This analysis is for reference only and not investment advice.