Market Review
According to ETO Markets monitoring, on April 29 (Wednesday), spot gold extended its decline, falling 1.4% to close at USD 4,528.17 per ounce. Prices briefly touched USD 4,510.21 per ounce during the session, the lowest level in one month. US gold futures also fell 1.0%, settling at USD 4,561.50.
On April 30 (Thursday) during early Asian trading, spot gold remained weak and moved in a narrow range around USD 4,552 per ounce.
Global Headlines
FED Split Hits 34-Year Extreme
The FED paused rate cuts for a third straight meeting, but internal divisions widened sharply. The number of dissenters rose from one to four. Governor Milan continued to support a 25bp cut this year, while three regional FED presidents opposed holding onto an easing bias in the statement. The FED also added that part of the recent inflation pressure has come from higher global energy prices.
Warsh Nomination Clears Senate Panel
The US Senate Banking Committee approved Kevin Warsh’s nomination for FED Chair by a 13-11 vote. If confirmed, he is expected to take over before POWELL’s term as Chair ends on May 15. Warsh has pledged to shrink the FED balance sheet and build a new inflation management framework, though he has not yet provided details.
Trump Says Phone Talks Continue
Trump said the US and Iran are continuing talks by phone. He stressed that Iran must make a clear commitment to fully abandon nuclear weapons. He also said there is currently no plan to send another US delegation to Pakistan, which remains the mediator. According to Trump, talks have made some progress, but the key issue is whether Iran’s concessions will meet US demands.
US Gasoline Hits Four-Year High
Disruptions in the Strait of Hormuz and the UAE’s exit from OPEC pushed US gasoline prices higher. On April 28, the national average gasoline price rose to USD 4.17 per gallon, the highest level in four years, up about 40% from USD 2.98 before the conflict. Rising fuel costs are adding to US inflation pressure.
Israel Orders Faster Arms Output
Israeli Defense Ministry Director General Baram said Israel is in a “long-term emergency” and called on major defense companies to accelerate weapons production and improve self-sufficiency. Executives from Israel Aerospace Industries, Rafael, and Elbit attended the meeting, which focused on procurement capacity and preparation for possible war scenarios.
Trump Urges Short Russia Truce
Trump said he suggested a short ceasefire in Ukraine to Russian President Putin. He said the two held a long conversation focused mainly on Ukraine, but also touched on Iran. Putin said he was willing to help address the issue of Iranian enriched uranium, while Trump said he would prefer Russia focus on ending the war in Ukraine.
ETO Markets Analyst View (Spot Gold)
Spot gold remains in a weak consolidation structure, with 4,580 acting as the key resistance level. If prices stay below 4,580, downside pressure may continue, with support seen at 4,520 and 4,480.
If gold regains 4,580, a short-term recovery rebound may follow. In that case, the next upside levels to watch are 4,610 and 4,635. Overall, the market remains in a low-level consolidation phase, with direction still being reassessed.
Ultra-short-term technical signals remain mixed, showing clear disagreement between bulls and bears. Trading should stay cautious. With the market reacting to FED policy divisions, energy-driven inflation pressure, and shifting Middle East risks, price direction remains unsettled.
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