US President Donald Trump boasted of progress in reaching a final deal with Iran, which reduced inflationary pressure, causing the dollar to fall and the gold price to continue its upward trend.
Gold prices rose by 1.6% at one point, approaching $4,630 per ounce, after climbing 0.8% on Tuesday. The dollar index dropped 0.3%, reducing the cost for many buyers to purchase gold. Trump posted on social media that negotiations with Iran had made “tremendous progress” and that he would suspend the US-led operation to help ships stuck in the Strait of Hormuz leave, to see if a final agreement could be reached.
U.S. Defense Secretary Lloyd Austin said that the ceasefire agreement that began nearly a month ago is still holding; Secretary of State Mike Pompeo said that with Washington shifting its focus to protecting shipping in the Strait of Hormuz, offensive operations have ended. Iranian Foreign Minister Abbas Araqchi said that the talks “are making progress.”
Iranian Foreign Minister Abbas Araqchi is set to travel to Beijing for talks. This is the first visit to China by the diplomat since the attacks by the United States and Israel triggered the most severe global oil supply shock in history.
The Iranian Foreign Ministry said in a statement on Telegram that Araqchi will visit China on Tuesday and hold talks with Chinese Foreign Minister Wang Yi. The Iranian side did not disclose the duration of the visit, only saying that Araqchi will discuss regional and international situations. The Chinese Foreign Ministry confirmed in another statement that the visit will take place on May 6.
Alaghis’s visit to China comes as Donald Trump is preparing for his visit to China next week, which will be the first by a US president in nearly a decade.
Technical analysis:
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Gold: Stimulated by the news of the Iranian Foreign Minister’s visit to China, the price has once again risen above the 4600 mark. However, without a pullback for confirmation within the day, the further upside potential may be limited. We hope to wait for the price to retrace below 4600 to test the liquidity before capturing a long signal to catch the rebound. For detailed positions, please consult the plugin.
(Gold 15-minute chart)
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Nasdaq: After the price retraced to the green buy limit area we reminded you of before the holiday, it rose by nearly 1000bp. The short-term price increase is a bit excessive, and we need to be cautious of the possibility of a liquidity sweep. We will pay attention to the 27900 level within the day. After the low sweep is completed, we can consider catching the rebound signal. For detailed positions, please consult the plugin.
(NASDAQ 15-minute chart)
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Crude oil: The price has been fluctuating and falling from above 110, and is currently consolidating near above 100. If the price continues to break down in the future, we will consider attempting to sell on the pullback after the break. For detailed positions, please consult the plugin.
(Crude Oil 15-Minute Chart)
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Today’s key financial data and events to focus on:
17:00 Eurozone Producer Price Index (Year-on-Year) for March
20:15 US April ADP Employment Change (thousands)
