US President Trump stated that due to significant progress made in reaching a comprehensive and final agreement with Iran, the “Project Freedom,” which involves the US guiding merchant ships out of the Strait of Hormuz, will be temporarily suspended to observe whether the agreement can be finalized and signed. US Secretary of State Rubio has confirmed that the “Operation Epic Fury” of military strikes against Iran has ended. While the development of the US-Iran standoff seems to offer a glimmer of hope, with US crude oil prices still above $95 per barrel, investors remain wary of the persistent inflation and the possibility of further interest rate hikes by the Federal Reserve. This concern cannot be easily dismissed, and the desire to buy gold at high levels may be somewhat restrained, putting significant pressure on gold prices in the short term, potentially leading to a rise followed by a pullback.

A short position can be established around $4,658, with a short-term target of $4,529 for profit-taking and a stop-loss at $4,678.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com