Trump's Iran Deal Claims Lift Gold, But Market Skepticism Persists
US President Trump's claims that Iran has agreed to open the Strait of Hormuz as part of a potential deal have lifted gold prices, but market skepticism remains. Trump announced on Saturday that planned strikes against Iran had been called off due to a 'ceasefire' agreement, which would include the immediate and complete opening of the Strait of Hormuz.
However, Iranian officials denied Trump's claims, stating that the strait remains closed due to US attacks. This has limited the upside in gold, with prices struggling to extend gains beyond a consolidation phase.
The technical analysis suggests that buyers will likely continue to step in around current levels, with a defined risk below $3,995 to position for a rally into the next trendline around $4,400.
Despite the uncertainty surrounding the Iran deal, traders are waiting for further US-Iran developments and upcoming economic indicators, including the US CPI report, which could have a significant impact on gold prices.