Market Review 

According to ETO Markets monitoring, on March 28 (Friday), spot gold surged nearly 3%, driven by dip-buying demand and a return to elevated levels. 

On March 30 (Monday), as of writing, spot gold is trading around USD 4,483 per ounce. Over the weekend, Middle East tensions escalated as Houthi forces joined the conflict. Uncertainty increased. Meanwhile, markets have fully priced out any FED rate cuts in 2026. Gold is now consolidating at high levels. 

Global Headlines 

1. Houthis Push Oil Prices Higher

   Houthi forces entered the conflict, while additional US troops were deployed. Oil opened higher. Brent and WTI futures rose over 3%. The front-month Brent premium widened sharply to USD 7.58 per barrel, signaling tight near-term supply concerns. 

   
   

2. Trump Signals Deal Progress Ahead 
   Trump said indirect talks with Iran are progressing. A deal could be reached soon, though key details remain unclear. Around 3,000 targets are still pending. Markets are pricing both escalation and de-escalation scenarios. 

   
   

3. US Prepares Ground Operation Plan 
   The US Department of Defense is preparing for a potential ground operation in Iran. If approved, the conflict could enter a new phase. Troop levels may reach 50,000, with expanded military options under consideration. 

   
   

4. US Expects Weeks Of Conflict 
   The US indicated to allies that military operations may last another 2–4 weeks. Iran remains skeptical about negotiations. Both sides diverge on ceasefire timing and conditions. 

   
   

5. Vance Signals Eventual Withdrawal 
   Vice President Vance said the US does not intend long-term presence in Iran. He expects energy prices to ease as military objectives are completed and troops withdraw. 

   
   

6. Middle East Aluminum Supply Disrupted 
   Major aluminum facilities in Bahrain and the UAE were hit, raising supply concerns. The region accounts for about 10% of global supply. Previous output cuts near 20% add further pressure. 

ETO Markets Analyst View (Spot Gold)

Spot gold is trading near a key pivot at 4,485. If prices remain below this level, short-term structure may weaken. Downside targets are 4,410 and 4,380, reflecting rebalancing after elevated positioning. 

If gold reclaims 4,485, bullish momentum may extend. Resistance levels are seen at 4,555 and 4,600. The market remains in a high-level consolidation phase, awaiting direction. 

RSI continues to trend lower, signaling fading momentum. Short-term bullish strength is weakening. Price action is likely to stay range-bound. With geopolitical risks and policy expectations intertwined, no single driver dominates. Markets are repricing within a range. 

Disclaimer 
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ETO Markets does not guarantee the accuracy, completeness, or timeliness of the information and shall not be liable for any losses incurred from reliance on such content.