Gold is sitting at a make-or-break support level ahead of the all-important US employment report due Friday at 12:30 GMT.

Gold is reversing a part of the previous rebound early Friday, back around the $4,450 level as markets trade with caution amid a deadlock in the Gulf conflict and ahead of the all-important US Nonfarm Payrolls (NFP) data release.  

The Aussie Dollar seems to have embarked on a consolidative phase, with gains in AUD/USD so far limited by the key 0.7200 region. In this scenario, the pair continues to look for a stronger catalyst to attempt another move to the area of yearly peaks.

Spot Gold retreated sharply from an early peak of $4,515, holding on to modest intraday gains in the $4,480 region in the American session. The bright metal advanced throughout the first half of the day amid optimism related to the Iran war, which, however, faded as the day went by.

Gold is attempting a tepid recovery toward $4,500 early Thursday, as renewed optimism in the Mideast geopolitical front calms market nerves.

The Aussie Dollar seems to have embarked on a consolidative phase, with gains in AUD/USD so far limited by the key 0.7200 region. In this scenario, the pair continues to look for a stronger catalyst to attempt another move to the area of yearly peaks.