I followed gold yesterday, maintaining an interesting upward trend above $4,700, close to the high it reached a few days ago. What draws attention is that the gold price continues to benefit from a much weaker US dollar during this period.

The geopolitical context helps a lot. Negotiations between the US and Iran have generated optimism, with signs that an agreement may be near. Additionally, the Fed has reduced its bets on rate hikes, which also puts downward pressure on the dollar. These combined factors support the upward movement of gold, but buyers seem cautious, waiting for more clarity before taking new positions.

On the technical side, I noticed that gold broke important levels on Wednesday. Analyzing the 1-hour chart, the metal remains above the 50% Fibonacci retracement, with the RSI around 65 signaling room for further gains. Immediate resistance is at $4,741.58, with a stronger barrier near $4,807.61. If the gold price pulls back, the first relevant support is at $4,695.20.

Friday’s non-farm employment report should give direction to the chart. Meanwhile, any new developments in the Middle East could generate volatility. It’s worth paying attention to the next steps.