ETO Markets Global Pulse: Gold Fails at 4600 as Ceasefire Talks Stall

Market Review

According to ETO Markets monitoring, on March 25 (Wednesday) gold prices surged before retreating. Spot gold rose nearly 3% intraday to approach USD 4,600/oz, before gains faded, closing at USD 4,506.49/oz, up about 0.72%. April U.S. gold futures jumped 3.4% to settle at USD 4,552.30/oz.

During Asian trading on March 26 (Thursday), spot gold moved in a narrow range near the USD 4,500 level.

Global Headlines

Iran Rejects U.S. Ceasefire Proposal

Iran responded negatively to a U.S. ceasefire proposal and outlined five conditions, stating talks will not proceed unless these are met. The White House described contacts as “productive,” while military operations continue, reflecting a simultaneous negotiation-and-conflict dynamic.

U.S. Deploys Ground Forces to Middle East

The United States has sent thousands of additional troops to the Middle East, raising concerns over potential escalation into ground conflict. While U.S. officials downplayed plans for direct engagement, the deployment is seen as strategic pressure on Iran.

Israel Accelerates Strikes on Iran Military Industry

Israel ordered intensified strikes within 48 hours targeting Irans military-industrial infrastructure, aiming to weaken capabilities ahead of any potential ceasefire.

U.S. Plans Weekend Ceasefire Talks

U.S. officials are preparing for a potential meeting this weekend in Pakistan or Turkey to discuss exit strategies from the conflict. Senior officials may attend, though arrangements remain uncertain.

Hormuz Shipping Rules Tightened

Iran signaled that navigation rules in the Strait of Hormuz have been reset, with passage subject to its approval. Energy transport risks remain elevated.

Wall Street Still Sees Earnings Growth

Morgan Stanley expects S&P 500 earnings to grow 20% over the next year. However, sustained high oil prices could pressure corporate margins despite improved earnings forecasts.

ETO Markets Analyst View (Spot Gold)

From a technical perspective, USD 4,600 remains the key near-term resistance. As long as prices stay below this level, gold remains in a corrective phase, with targets at USD 4,400 and USD 4,370. A break above USD 4,600 could open room toward USD 4,660 and USD 4,735.

RSI shows mixed signals with a downward bias, indicating unstable momentum. Gold continues to be driven by the interplay between geopolitical tensions and macro expectations, with faster shifts in price rhythm. Investors should closely monitor developments and manage risk exposure carefully.

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