Gold prices fell below the $4,200 level amid pressure from high US bond yields around 5.2%, while oil prices rose more than 1% on concerns over the situation in the Middle East and the Strait of Hormuz, after US President Donald Trump rejected Iran's proposal regarding opening shipping routes and returning to nuclear talks. WTI crude rose 1.10% to around $97 per barrel, and Brent crude rose 1.08% to around $103 per barrel. Iran offered to open the Strait of Hormuz and return to negotiations with the United States within 7 days if the US accepts Iran's conditions. Iranian Foreign Minister Abbas Araghchi said Iran is ready to face war with the United States, even if it escalates to an all-out doomsday war, but is still keeping diplomatic channels open, reaffirming the same conditions that the Strait of Hormuz will open only when the US ends its attacks, lifts the maritime blockade and economic pressure measures, and returns Iran's assets. From a technical perspective, gold prices are still trading below the $4,200 area; on the 4-hour timeframe, the price is below the MA200 and RSI has fallen below 30, reflecting still-heavy selling pressure. If the price holds the $4,100 level, there is a chance of a recovery to test resistance around $4,200, but if it fails to hold, additional selling pressure could push prices lower. For trading strategy, short-term traders should wait to buy on dips near $4,100 and gradually take profits around $4,200, while medium- to long-term traders should hold off on buying and wait to assess a new base forming near the $4,100-$4,050 level. As for Thai gold, wait to buy on dips around 65,200 baht and take partial profits when prices recover toward 66,700 baht.
Brent rose over 1% amid Middle East tensions and Strait of Hormuz supply concerns.
Gold fell below $4,200 under pressure from high US bond yields around 5.2%.
WTI rose over 1% on Middle East concerns and Strait of Hormuz risk after the US rejected Iran's proposal.
