Gold Soars Above $3350 as US-Iran Tensions Ignite Safe-Haven Demand

Gold gained above $3350 as Israel and Iran tension escalates. It hits an high  of $3394 and is currently trading around $3376.

In a series of major airstrikes using B-2 stealth bombers and Tomahawk missiles, the United States has conducted "Operation Midnight Hammer," aimed at key Iranian nuclear facilities, including Fordow, Natanz, and Isfahan. The U.S. The destruction of Iran's primary nuclear enrichment facilities was declared a success by President Trump, who also used satellite imagery to confirm the damage and declare that it had been done thoroughly. Despite the U.S. asserting that Iran's nuclear infrastructure has suffered severe damage, the facilities' complete operational status remains unverified. Iran has denounced the attacks as an outrageous violation of international law and has committed to expanding its legitimate targets in response. The US has launched its most extensive military operation against Iran since 1979, escalating political tensions and leaving the international community anxious about their reaction.

Rate Hike Bets Cool: Fed Watch Sees Near-Certain June Pause

According to the CME Fed Watch tool, the chances of  rate pause in Jul 30th 2025 meeting have decreased to 83.50% from 85.30% a week ago.

Technical Analysis: Key Levels and Trading Strategy
 
Gold prices are holding  below short term moving average 34 EMA and  55 EMA and  above long-term moving averages (200 EMA) on the 4-hour chart. Immediate support is at $3340 and a break below this level will drag the yellow metal to $3330/$3300. The near-term resistance is at $3385 with potential price targets at $3400/43420$3450/$3475/$3500/$3550.

It  is good to buy on dips around $3350 with a stop-loss  at $3330 for a target price of $3450.