The weekend will be about the Islamabad meetings between the Iranian and American officials. If we get good news, it should help gold overall as rates should fall.
Gold
Gold markets have been very choppy during trading on Friday, which is not a huge surprise considering that this weekend will feature the ceasefire talks between the Iranians and the Americans and the bond market certainly is paying close attention which, of course, has a major and outsized influence on the gold market. The 50-day EMA sitting right here also has a part to play, so I would watch that. The market is likely to hang around the $4800 level as we try to close out the week.
I'd be paying attention to headlines over the weekend and the more positive they seem, the more likely there are gold rallies.
Yields and the Bond Market Connection
My email box has been full for the last couple of weeks not understanding why gold moved so poorly to the downside during the war, but it was all about the 10-year yield and just yields in general. Yields dropping should be good for gold because gold is a non-yielding asset. Gold isn't just something you buy out of the blue because there is a war; you have to watch the bond markets as well.
I suspect bond markets will see yields fall if there is concerns about the war being wiped out of the picture. If things start to ratchet up, then yields probably spike, mainly due to a concern about inflation coming down the road as global transport could be influenced, and that would be bad for gold at least temporarily. Long-term, I like gold a lot actually, but I also recognize that this is a little bit of a unique timeframe that we're in so you have to trade with caution.