Price Movement – Gold and silver clawed back ground on Thursday as the dollar and Treasury yields softened, giving both metals room to breathe. Traders, meanwhile, are keeping one eye on Friday’s U.S. nonfarm payrolls report, widely seen as the next real catalyst for the Fed’s policy path

Geopolitical tensions – Behind the scenes, senior aides to President Trump are working to prevent the Iran conflict from escalating before November’s midterms, wary of the political cost to Republicans at the ballot box — according to four people familiar with the internal discussions. That said, the calculus could shift quickly: White House officials are reportedly prepared to consider a more aggressive military posture once the November 3 vote is behind them.

Macro-Economic Signals – All eyes are on Friday’s nonfarm payrolls print, arguably the week’s most consequential data release. It follows Wednesday’s ADP report, which showed private payrolls rising at a modest pace in August. Should Friday’s jobs numbers disappoint and September rate hike bets fade, gold could find fresh upward momentum.

Technical Triggers    

Gold played out largely as anticipated — hitting its downside target of $4315 before staging a rebound. From here, the metal faces resistance at $4470 and then $4520, with support holding at $4370.

Silver followed a similar script, touching its $63 target on the way down before bouncing back. Resistance now sits at $67, while $64.7 should act as the key support level to watch.

Dr.Renisha Chainani, Head- Research, Augmont