Gold prices steadily rose on Thursday. On the technical side, gold is still bullish, which has sparked the buying interest of technical speculators. The price of silver has also risen significantly due to short covering in the futures market and what some markets consider to be buying on dips.

Analyst Jim Wyckoff said that the market is still concerned about the escalating tensions in the Middle East, which may trigger some safe haven demand for gold and silver. After the recent assassination of important military officials from Hamas and Hezbollah in Israel, Israel is ready to face attacks from Iran and its proxies. This could become the next major geopolitical event to disrupt the market.

The World Gold Council stated that seasonal factors will be favorable for gold in August, but headwinds from the Jackson Hole Conference, US elections, and technology company performance may be strong.

The World Gold Council stated that the seasonal strengthening of gold in August may be influenced by specific events such as the latest developments in the US election, the Jackson Hole Conference, and stock market volatility. These events will keep uncertainty high. The Federal Reserve's interest rate cuts are mainly based on the normalization of economic data. Although the employment report and ISM data unexpectedly declined, other data were quite hot. The type of economic landing is still unclear, and it is risky for the market to price two interest rate cuts at almost 100%. In terms of the US election, although the Democratic Party seems to have reversed its decline, there is still a lot of time before the vote, and the situation may take a sharp turn for the worse. Finally, following the tech stock sell-off in July, the volatility in the stock market in early August may continue until NVIDIA releases its financial report at the end of the month. For the technology industry, which has seen the largest increase in the US stock market this year, its performance in the second quarter was not ideal. In addition, the trading volume in August is often low, which may exacerbate market uncertainty.

Analyst Jim Wyckoff stated that technically speaking, the December gold bulls have a solid short-term overall technical advantage. The next upward target for bulls is to close above $2537.70. The next short-term downside target for bears is to push the price below the solid technical support level of $2350.00. The first resistance level is at $2475.00, followed by $2500.00. The first support level is $2420.20, followed by this week's low of $2403.80.

From the daily chart, silver prices are in a 2.5-month downward trend. The next upward target for silver bulls is to close above the stable technical resistance level of last week's high of $39.355. The next downside price target for bears is to close below the solid support level of $26.00. The first resistance level is at $28.00, followed by $28.50. The next support level is at $27.00, followed by $26.51.