Core Viewpoint - The escalating tensions in the Middle East, particularly following Israel's airstrikes on Iran and Iran's drone retaliation, have led to a surge in gold futures, approaching the historical high of $3,509.90 per ounce reached in mid-April [1] Group 1: Market Reactions - Gold prices are rising due to increased demand for safe-haven assets amid fears of further escalation in the Middle East [1] - Analysts suggest that gold prices could reach new historical highs due to uncertainties surrounding U.S. tariffs and geopolitical tensions [1] Group 2: Potential Outcomes - There remains a possibility for de-escalation of the conflict, which could lead to a short-term downward adjustment in gold prices [1] - Despite the potential for price corrections, the current risk-laden environment appears to support bullish momentum for gold [1]

Core Viewpoint - Due to escalating tensions in the Middle East, the Commander of the U.S. Central Command has postponed his scheduled testimony in Congress originally set for Thursday [1] Group 1 - The postponement of the testimony indicates a shift in focus for U.S. military leadership in response to regional instability [1]

Market Overview - The current gold price is around $3315.44 per ounce, reflecting an increase of approximately 0.92% [2] - The upcoming Federal Reserve interest rate decision is expected to dominate market trends this week, with a focus on the FOMC meeting on May 7 [2] - The oil price has shown volatility, currently trading at approximately $57.27 per barrel after a low of $55.70 [5] Gold Analysis - Technical indicators suggest that gold has faced resistance at the $3300 level, with a potential upward movement towards $3330 if it breaks this resistance [4] - The MACD indicator shows a bearish trend, indicating a risk of further price declines despite recent rebounds [2][4] Oil Analysis - The oil market is influenced by geopolitical tensions in the Middle East, but OPEC+ production increases and weak global economic recovery are limiting price gains [5] - The short-term outlook for oil remains bearish, with expectations of testing lower support levels around $55 [5] Investment Strategy - The suggested trading strategy for gold is to focus on buying on dips while considering selling on rebounds, with key resistance at $3330-$3340 and support at $3300-$3290 [4] - For oil, the recommended approach is to sell on rallies while looking for buying opportunities on pullbacks, with resistance at $58.5-$59.0 and support at $55.5-$55.0 [5]