Market Review
According to ETO Markets monitoring, on April 7 (Tuesday), spot gold edged higher as markets focused on developments around the Strait of Hormuz and geopolitical shifts.
On April 8 (Wednesday) during early Asian trading, spot gold surged more than 2.5%, trading near USD 4,823 per ounce. Prices broke above previous highs, with strong short-term momentum.
Global Headlines
Trump Announces Two-Week Ceasefire
Trump said the US and Iran agreed to a two-week ceasefire. Military strikes are paused, with Iran set to reopen the Strait of Hormuz under a broader negotiation framework.
Iran Confirms Talks Starting April 10
Iran confirmed negotiations with the US will begin on April 10 in Islamabad, lasting two weeks. Talks will proceed under the ceasefire framework.
Iran Officially Accepts Ceasefire Plan
Iran’s Supreme National Security Council approved the ceasefire proposal. The move signals a temporary easing phase in the conflict.
Iran Sets Conditions for Ceasefire
Iran stated the war will only end if all terms of the ten-point plan are finalized. Conditions include Strait access, halting attacks, and US troop withdrawal.
Iran Signals Strait Reopening Timeline
Iran’s foreign minister said the Strait of Hormuz could reopen within two weeks, pending security coordination and cessation of hostilities.
ETO Markets Analyst View (Spot Gold)
Spot gold has entered a rising trend structure, with 4,705 acting as key support. Holding above this level suggests continued bullish momentum, with upside targets at 4,865 and 4,950. If prices fall below 4,705, the structure may weaken. Downside levels to watch are 4,655 and 4,605. Overall, the trend is strengthening.
RSI remains bullish, with momentum continuing to build. Price action still favors further upside. With easing geopolitical expectations and safe-haven demand rebalancing, both volatility and trend are elevated. Monitor closely.
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