Gold climbs $10 as US Dollar retreats on Iran nuclear deal speculations

• Market participants await Trump’s decision on the Iran nuclear deal.
• Gold jumped from near $1,300 back above $1,310.

Gold rose $10 during the last hours. The ounce bottomed at $1,306.05/oz and bounced sharply rising to $1,315.60. It found resistance slightly below Asian session highs and it was trading at $1,314.

Market volatility rose during the last hour amid speculations about what the US would do with the Iran nuclear deal. CNN reported that the US would stay but then the NYT informed that Trump told Macron he would withdraw. French authorities denied the NYT report.

Equity prices and crude oil prices were affected by the speculations. The greenback pulled back from monthly highs during the last hours, favoring the rally in gold.

Technical levels

To the upside, above $1,315 the next resistance level is seen at $1,320 followed by $1,325 (Apr 27 high) and $1,332 (Apr 24 high). On the flip side, support might lie at $1,305 ahead of the $1,300 mark and $1,293.