Although the plan for a new round of talks between the United States and Iran fell through, just one day before the ceasefire agreement was due to expire, President Donald Trump announced an indefinite extension of the ceasefire agreement with Iran.
Trump posted on Truth Social on Tuesday that he would continue to block ships traveling to and from Iran and prevent them from entering the Strait of Hormuz. He also added that Pakistan, which had mediated between the two sides, asked the US to suspend new attacks, and he would extend the ceasefire until Iran proposed a new plan and “both sides reached an agreement and ended the discussion.”
Vice President of the United States, Vance, originally planned to travel to Pakistan to resume negotiations with Iran, but Tehran refused to attend on the grounds that the demands put forward by the United States were unreasonable. Iran’s semi-official Tasnim News Agency stated that currently, there is no possibility for Iran to participate in the negotiations.
White House officials confirmed in a statement that the vice president’s schedule will not proceed on Tuesday.
In a statement, Pakistani Prime Minister Shehbaz Sharif thanked Trump for extending the ceasefire period “so that the ongoing diplomatic efforts can proceed smoothly.”
“I sincerely hope that both sides will continue to abide by the ceasefire agreement and reach a comprehensive ‘peace agreement’ at the second round of talks in Islamabad to permanently end the conflict,” he posted on X website.
U.S. stock futures rose and the dollar edged lower after U.S. President Donald Trump said he would extend the ceasefire agreement with Iran, boosting investors’ cautious optimism.
S&P 500 futures rose 0.5% and Nasdaq 100 futures climbed 0.7% as market expectations that easing tensions would lower oil prices and boost economic growth took hold. On Tuesday, the two major indexes fell for the second consecutive day amid concerns over the progress of US-Iran talks.
Boosted by this, the US dollar – the preferred safe haven during the conflict – weakened, as the market expected the conflict to ease. The global crude oil benchmark, Brent crude, fluctuated around $98 per barrel. Asian stocks edged lower, with investors still weighing how long the Middle East conflict might last. The MSCI Asia-Pacific Index dropped 0.6%, while technology stocks outperformed the broader market.
Technical analysis:
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Gold: The price retraced and broke below the structural gap at 4780 on Tuesday. Currently, there is no news that can stimulate the price to strongly recover to the 4800 level. The market is waiting for the progress of the US-Iran negotiations. Therefore, we suggest observing for the day. Although we believe that the price will still sweep the liquidity in the 4700/4720 area, the time of occurrence is uncertain, so it is advisable to observe for one day. For detailed positions, please consult the plugin.
(Gold 15-minute chart)
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Nasdaq: After consolidating around 26,500 yesterday, the price hit a new intraday low and then started to rebound. This is in line with our expectation of a rebound after the liquidity sweep. As the long signal from the previous day has not yet fully achieved a 2:1 profit-to-loss ratio, for new positions opened intraday, we will only take the signal of a breakout in momentum. For detailed positions, please consult the plugin.
(NASDAQ 15-minute chart)
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Crude oil: There has been no new progress in the US-Iran negotiations. Therefore, we are making two preparations for the oil price. If it breaks down and moves lower, we will short on the pullback. If the situation deteriorates, we will wait for the liquidity near 97 to be swept away and then catch the falling signal. For detailed positions, please consult the plugin.
(Crude Oil 15-Minute Chart)
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Today’s key economic data and events to focus on:
14:00 UK March Consumer Price Index
22:00 Eurozone April consumer confidence index flash estimate
22:30 U.S. EIA Crude Oil Inventory Change (in thousands of barrels) (to 0417)
