As market participants continue to closely monitor whether the conflict between the US and Iran is moving towards a glimmer of peace or whether the situation could deteriorate again at any moment, Iran has stated that it has submitted a new negotiating proposal primarily focused on ending the war. Iran indicated that its government is prepared for both scenarios to ensure its own interests and national security. US President Trump stated that he would soon assess Iran’s new negotiating proposal, but found it difficult to imagine it being acceptable. Furthermore, regarding the Strait of Hormuz, Trump stated that on Monday, he would begin guiding some neutral vessels stranded in the Persian Gulf through the Strait of Hormuz. However, Iran indicated that any US intervention in the new maritime regime in the Strait of Hormuz would be considered a violation of the ceasefire.

The development of the US/Iran conflict will continue to influence gold prices. If the situation eases, it will encourage risk-taking in gold, supporting a rebound in prices. Conversely, if the situation deteriorates again, profit-taking in the gold market will increase, negatively impacting prices.

A position can be established around $4,562, with a short-term target of $4,688 for profit-taking, and a stop-loss at $4,542.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com