Gold Surges to $2,420 as Middle East Conflict Escalates

Gold rose to around $2,420 per ounce on Wednesday, recovering from earlier losses driven by safe-haven demand amid escalating conflict fears in the Middle East. Reports indicated that Hamas leader Ismail Haniyeh was assassinated in Tehran, according to Iran’s paramilitary Revolutionary Guard. This came after the Israeli government claimed responsibility for killing Hezbollah's top commander in a Beirut airstrike on Tuesday, in retaliation for an attack on the Israel-occupied Golan Heights over the weekend.

Before the important data releases, gold remains in a sideways trend, with the first support level at 2,412. If this level is breached, the next supports to watch will be 2,390 and 2,370. On the upside, the initial resistance is at 2,430; if this level is surpassed, the next targets will be 2,445 and 2,475.