Gold prices rose on Wednesday after the United States, Israel, and Iran agreed to a ceasefire in the Middle East.
Interest rates fell sharply following the agreement. This makes non-yielding assets like gold more appealing to traders.
The gold market shows signs of upward movement. Traders eye the $5000 level, though the path may be volatile. The $4600 level remains key support, linked to a 4.30% interest rate on the US 10-year yield.
Gold is currently up 3% above its 50-day moving average. A break below $4600 would signal concern for traders. Minor attacks continue, and Middle East headlines could cause rapid price shifts.