Last week, after Trump provided a much-needed safety net for gold prices, the latest developments, particularly regarding the US and Iran, have provided further impetus for gold price increases. Trump confirmed a peace agreement with Iran, with a signing ceremony scheduled for Friday in Switzerland, and the Strait of Hormuz to reopen. To further solidify this upward momentum, Pakistani Prime Minister Shahbaz announced that the US and Iran have declared an immediate and permanent cessation of military operations, including in Lebanon.

After digesting this sudden glimmer of hope regarding the Iranian situation, gold investors’ risk appetite for buying gold should be significantly boosted. Therefore, gold prices are expected to test the resistance level around $4,379 in the short term.

A position can be established around $4,210, with a short-term target of $4,379 for profit-taking, and a stop-loss at $4,190.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com