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#XAU $BTC
Gold price holds steady near $4,685 during the early Asian session on Friday. Traders prefer to wait on the sidelines ahead of the key US employment data for April, which is due later in the day. 
The near-term picture for XAU/USD is bullish on the 4-hour chart. The price remains comfortably above the 20-, 100-, and 200-period Simple Moving Averages (SMAs). The metal is extending its advance after reclaiming and stretching away from the 100-period SMA near $4,686.75, while the 200-period SMA at roughly $4,661.88 underpins the broader uptrend. Finally, the shorter moving average gains upward traction below the longer ones, indicating increased buying interest but not enough to confirm a steady advance.
The same chart shows that the Momentum indicator eases from overbought readings, heading lower yet still within positive levels, while the Relative Strength Index (RSI) indicator posts a similar behavior and stands around 63. Overall, indicators reflect the ongoing corrective decline without confirming additional slides ahead.
On the downside, initial intraday support is seen at the recent price area around $4,700, ahead of the 100-period SMA at $4,686.75. A deeper pullback would then expose the 200-period SMA at approximately $4,661.88, with the 20-period SMA, now trailing lower near $4,631.96, acting as a more distant dynamic floor. The intraday top converges with the 100-day SMA, a critical threshold to beat to confirm a bullish extension ahead of the weekly close.
Fundamental Overview
Spot Gold advances for a third consecutive day, hitting an intraday high of $4,765 before retreating some. The US Dollar (USD) spent the first half of the day on the back foot amid hopes that the United States (US) and Iran are progressing toward ending the conflict that has frozen the Middle East. According to the latest headline, Iran is still reviewing the US proposal via Pakistani mediators, not much new to report there, still enough to maintain financial markets in risk-on mode.
The situation around the Middle East remains the same in the American session, yet the poor performance of Wall Street helped the Greenback trim part of its early losses. XAU/USD holds on to modest intraday gains around $4,710.
The USD also benefited from upbeat local data, as Initial Jobless Claims rose by 200K in the week ended May 2, better than the 205K expected, while Q1 Unit Labor Cost was up 2.3% according to preliminary estimates, easing from the previous 4.4%. U.S. employment-related data is relevant ahead of the Nonfarm Payrolls (NFP) report scheduled for Friday. The report is expected to show the economy added 62K new job positions in April, while the Unemployment Rate is forecast to remain steady at 4.3%.

#Xaut $BTC
Gold jumps over 3% on Wednesday as hopes for a US-Iran peace deal pressure Oil and the US Dollar.
Falling Oil prices ease inflation concerns and revive Fed interest rate cut bets.
Technically, XAU/USD gains bullish momentum above key SMAs on the 4-hour chart after rebounding from the $4,500 support zone.
Gold (XAU/USD) rallies on Wednesday as the US Dollar (USD) and Oil prices tumble on hopes that the United States and Iran could reach a deal to end the war in the Middle East. At the time of writing, XAU/USD is trading around $4,714, up over 3% on the day and hitting its highest level in over a week.
According to a report published by Axios, citing two US officials and two other sources familiar with the matter, Washington and Tehran are moving closer to a one-page memorandum of understanding (MOU) to end the war and establish a framework for more detailed nuclear negotiations.
The report said the proposed deal could include Iran pausing nuclear enrichment, while the US would lift sanctions and release billions of US Dollars in frozen Iranian funds. Both sides are also expected to end the blockade around the Strait of Hormuz.
Iran’s Foreign Ministry spokesperson said Tehran is reviewing the latest US proposal and will convey its response to Pakistan, according to Iran’s ISNA News Agency. ISNA also reported that parts of the Axios report were “speculation,” adding that the US proposal contains “ambitious and unrealistic” demands.
This comes after US President Donald Trump said on Truth Social that Washington has paused its military “Project Freedom” operation due to “great progress” toward a “complete and final agreement” with Iran.
In reaction to the latest optimism, Oil prices plunged, with West Texas Intermediate (WTI) crude falling more than 10% at one point before trimming some of its losses. At the time of writing, WTI is trading around $92.40, down nearly 7.5% on the day.
US Treasury yields also pulled back from recent highs as the sharp decline in crude Oil helped ease concerns over energy-driven inflation and tempered hawkish Federal Reserve (Fed) expectations that had been building recently. According to the CME FedWatch Tool, the probability of a rate cut at the September meeting rose to 19.9%, up sharply from 1.4% a week ago.
The shift in interest rate expectations, alongside a weaker US Dollar and falling Treasury yields, is helping Gold rebound after sustained selling pressure since the war began.
Traders now await further developments around the US-Iran negotiations, with any signs of a finalized agreement likely to push Gold higher, while a breakdown in talks could weigh on the precious metal again.
On the data front, the US ADP Employment Change report showed private sector payrolls increased by 109K in April, up from 61K in March and beating market expectations of 99K.
Attention now turns to the upcoming US labor market data, including weekly Initial Jobless Claims on Thursday and the Nonfarm Payrolls (NFP) report on Friday.
Technical Analysis: Bulls take back control as XAU/USD rebounds from $4,500 support
On the 4-hour chart, XAU/USD has turned bullish after bouncing from the $4,500 support zone and climbing above the 21-period and 100-period Simple Moving Averages (SMAs). The Relative Strength Index (RSI-14) near 69 suggests upside momentum remains strong, though Gold is approaching overbought territory.
Meanwhile, the Moving Average Convergence Divergence (MACD) remains firmly in positive territory, reinforcing the constructive near-term outlook. However, the sharp rally and stretched momentum conditions could leave the precious metal vulnerable to short-term consolidation or shallow pullbacks.
On the upside, the first resistance is seen near the horizontal barrier around $4,800, followed by the key psychological level at $5,000.
On the downside, immediate support is located at the 100-period SMA around $4,695, followed by the 21-period SMA near $4,588. Both levels could attract dip-buying interest if Gold corrects lower. A deeper pullback would shift focus back toward the key structural support at $4,500.