US President Donald Trump expressed optimism about the prospects of a permanent ceasefire between the United States and Iran. The two sides are discussing extending the ceasefire period, which is due to expire next week.
“The prospects of reaching an agreement with Iran are very optimistic and it will be a good deal,” Trump told reporters at the White House on Thursday. He said that negotiations between Washington and Tehran could resume this weekend.
Trump, without any evidence, claimed that Iran has agreed to terms it has long resisted, including giving up its nuclear weapons development program and handing over atomic materials. Trump also added that the deal would include “free oil” and the opening of the Strait of Hormuz. Tehran has not publicly confirmed making these concessions yet.
Trump hopes the issue can be resolved quickly, but some Gulf Arab and European leaders believe that reaching an agreement may take about six months, and the ceasefire period should be extended to cover this time, informed officials said.
The US president originally thought that an agreement could be reached without extending the two-week ceasefire period. He predicted that a solution would be found “soon”, but if necessary, he would do so.
Brent crude oil prices retreated to around $98 a barrel after rising nearly 5% on Thursday, while West Texas Intermediate crude oil prices were close to $93 a barrel. Due to recent supply shortages, the actual oil price is still much higher than the futures price. As the world’s most important indicator of spot oil prices, Brent crude oil futures are currently trading at around $116 a barrel.
Technical analysis:
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Gold: Trump has sent a signal that negotiations might resume over the weekend. Today, we’ll be watching the battle for the 4800 level. If it’s breached, we can consider a strategy of buying on a pullback after a breakout. For detailed positions, please consult the plugin.
(Gold 15-minute chart)
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The Nasdaq: The price is consolidating at the recent rebound high, showing no clear pullback or further advance. We suggest a wait-and-see approach. If no agreement is reached by the weekend, wait for a lower opening on Monday to look for the opportunity to fill the gap. For detailed positions, please consult the plugin.
(NASDAQ 15-minute chart)
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Crude oil: Yesterday, after the sweep in the yellow area indicated by our plugin, a wave of decline emerged. It is recommended to lock in the overnight profits first. For new positions within the day, you can wait for the support at around 92 to be breached and then sell on the pullback. The timing might be around the early trading session of next Monday. For detailed positions, please consult the plugin.
(Crude Oil 15-Minute Chart)
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