Gold market analysis

"Gold Price Shows Early Signs of Short-Term Ascending Flag Formation" 17/4/2026 10:33 Completed 

The global focus remains on whether the United States and Iran can reach an agreement, at which point the United States withdraws its troops from the Middle East, Israel also stops attacking Iran and Lebanon, a ceasefire is achieved in the Middle East, oil prices fall, and the market can shift its attention back to economic fundamentals, the possible meeting between the leaders of the United States and China in May, and the major event of the US midterm elections in November. 

In addition, Trump couldn't wait to announce the outcome of the US-Iran negotiations. He claimed that Iran agreed not to possess nuclear weapons and promised that the validity period would exceed 20 years, believing that the war with Iran would soon come to an end. However, the US Secretary of Defense stated that if the US and Iran failed to reach a peace agreement, the US military was ready to take military action again. Iran's top military advisor to the Supreme Leader, Rezaei, also said that Iran's missile launchers were ready to sink all US warships. 

Financial markets are optimistic about the end of the conflict between the US and Iran. The S&P 500 and Nasdaq have reached new highs. After testing the $90 mark on Tuesday, New York crude oil is now holding steady at around $93. Gold hit a high of $4,871.78 on Wednesday but reversed course in a single day. Although it has tested recent lows for three consecutive days, the distance is significant and it shows the early signs of a small ascending flag pattern. In the short term, two important support levels need to be watched, namely $4,741 and $4,655 (20 SMA). If gold finds support at $4,741, it is more likely to hold above $4,810 and may further challenge $4,860. Even if it drops to around $4,655, it is expected to hold above the 20 SMA and rebound. However, the 50 SMA (currently around $4,891) will then become a resistance level. 

The above content is for reference only and does not constitute investment advice.