Key Points :
Gold soars above $5,000, posting its largest single-day gain since 2008, fueled by heightened US-Iran tensions and strong safe-haven demand.
Silver surges nearly 4% to over $88, lifted by the same drivers: geopolitical risk and growing expectations for Federal Reserve rate cuts.
A drone incident in the Arabian Sea has escalated tensions, damaging hopes for diplomatic talks and triggering a flight to safety.
The US Dollar weakens as markets price in further Fed rate cuts, despite mixed signals from Fed officials, providing an additional tailwind for precious metals.
Technical Outlook:
Gold (XAU/USD): Bulls are in control above $4,950 support. A break above $5,100-5,150 resistance could pave the way for a move toward $5,300.
Silver (XAG/USD): Found strong buying interest near $83. Key resistance is at the $94-$95 zone. A hold above $83 could support a rally toward that target.
Looking ahead, key U.S. economic data (ADP jobs, ISM Services PMI) will be critical for the next directional move.
