Gold experienced a significant surge on Friday, August 10, with spot prices rallying by $100 to surpass the $4,370 mark. The benchmark 10-year US Treasury yield settled at 4.651%, while the policy-sensitive 2-year yield closed at 4.506%. Spot gold ultimately finished the session up 2.39% at $4,342.18 per ounce, reaching its highest level in seven weeks and recording its best weekly performance in seven months. Spot silver also advanced, gaining 3.36% to close at $63.58 per ounce. In the energy market, international oil prices fell sharply following news that the US would lift sanctions on Iran after the announcement of the Hormuz agreement. West Texas Intermediate crude ultimately settled 1.39% lower at $76.35 per barrel, while Brent crude declined 1.55% to $81.49 per barrel.

The gold market opened the week higher at $4,093.50 per ounce, initially experiencing a pullback to a weekly low of $3,994.60. However, influenced by strong fundamental factors, prices rallied sharply, reaching a weekly high of $4,372.10 before consolidating. The week closed decisively at $4,341.40, forming a large bullish candlestick with a long lower shadow on the weekly chart. This technical breakdown above resistance on the daily timeframe suggests the potential for continued upward momentum this week. The strategy focuses on monitoring the persistence of the bullish push, with a preference for buying on dips and selling on rallies as a secondary approach. Key resistance levels are identified at $4,380-$4,460, with support at $4,290-$4,260.

In the crude oil market, US crude opened the week at $79.53 per barrel, initially rallying to a weekly high of $82.58 before selling off sharply to a weekly low of $74.32. The week closed at $77.25, forming a medium bearish candlestick with equal upper and lower shadows. This pattern indicates that crude oil remains in a downtrend with overhead resistance. The market's ability to reverse this trend hinges on a decisive breakout above resistance. The recommended approach is to trade range-bound, selling on rallies near resistance and buying on dips near support. Key resistance is seen at $81.0-$82.5, with support at $77.8-$76.4.

The Nasdaq index opened the week at 28,483.91, filling a gap down to 28,180.33 before staging a strong rally to a weekly high of 29,956.72. The week closed at 29,703.15, forming a large bullish candlestick with equal upper and lower shadows. This formation suggests the market remains in a bullish consolidation pattern. The Nasdaq is currently trending in a three-wave upward pattern, with the current phase being a consolidation. The key for bulls is whether the index can break above the previous high. The strategy is to prioritize buying on dips, with selling on rallies as a secondary approach. Resistance is identified at 30,000-30,300, with support at 29,560-29,150.