In his speech at the UN General Assembly, US President Trump stated that he would never allow Iran to possess nuclear weapons. He claimed that since taking office last year, he immediately began negotiations with Iran and offered a comprehensive solution, using economic cooperation in exchange for Iran ending its nuclear program and terrorist activities. However, Iran refused. Trump also expressed his belief that an agreement would be reached with Iran after the US midterm elections. Whether the situation in Iran will ease as Trump predicted in the coming months due to an agreement between the two countries is not necessarily the most important issue at the moment. What matters is whether US crude oil prices will fluctuate between rising and falling in the short term. If US crude oil prices test the support level of $82 per barrel in the short term, investors’ concerns about energy price-driven inflation will decrease, increasing hopes that the Federal Reserve will not raise interest rates significantly, which should provide impetus for a rebound in gold prices.

Gold prices may fluctuate between $4,314 and $4,417 in the short term. Pay close attention to the lower end of the range for potential buying opportunities. There is room for a rebound in the short term. $4,294 can be used as an important price defense reference level. Be sure to take appropriate risk precautions.

Risk Warning: This article is for market analysis purposes only. Price ranges and levels mentioned are for market observation and do not constitute investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk.

Gold price chart (1 hour):

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com