The situation in Iran has once again plunged into a vortex of instability and uncertainty. The negotiations and signing ceremony between the U.S. and Iran, originally scheduled for last Friday in Switzerland, were postponed by two days and proceeded to Sunday for marathon talks. Both sides hoped to reach a new nuclear agreement; however, reports indicate that Iranian representatives walked out at one point. Meanwhile, US President Trump threatened to launch another attack on Iran if it did not restrain Hezbollah.

Adding to this, Iran’s earlier announcement of re-closing the Strait of Hormuz has further strained geopolitical tensions. This renewed tension may reduce investors’ risk appetite for gold, potentially putting downward pressure on prices at higher levels.

A short position can be established around $4,207, with a short-term target of $4,096 for profit-taking and a stop-loss at $4,227.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com