{"id":438940,"date":"2026-09-28T15:40:23","date_gmt":"2026-09-28T08:40:23","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/gold-collapses-as-trump-rejects-irans-proposal-to-reopen-strait-of-hormuz-and-signals-new-bombings-438940\/"},"modified":"2026-09-28T15:40:23","modified_gmt":"2026-09-28T08:40:23","slug":"gold-collapses-as-trump-rejects-irans-proposal-to-reopen-strait-of-hormuz-and-signals-new-bombings","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/gold-collapses-as-trump-rejects-irans-proposal-to-reopen-strait-of-hormuz-and-signals-new-bombings-438940\/","title":{"rendered":"Gold collapses as Trump rejects Iran’s proposal to reopen Strait of Hormuz and signals new bombings"},"content":{"rendered":"
\n

FUNDAMENTAL
\n OVERVIEW<\/p>\n

\u00a0<\/p>\n

Gold came back under pressure last week after Trump poured some cold water on expectations of an earlier
\n end to the Iran war when he repeated that the US would make a deal with Tehran
\n after the November elections. Oil prices, real yields and the US dollar started
\n to rise again after his remarks and weighed on gold. <\/p>\n

Heading into the weekend, the hopes for a
\n US-Iran deal returned after Iran sent a proposal to reopen the Strait of Hormuz
\n within seven days on certain conditions and helped averting a collapse in the
\n precious metal. <\/p>\n

Unfortunately, Trump rejected the proposal on Saturday and told reporters that he expected
\n to resume bombing Iran after the midterms<\/a>. Unsurprisingly, gold opened the week lower and extended the losses
\n throughout the Asian session as the earlier optimism faded. <\/p>\n

The focus will remain on the Middle East and the
\n Fed. A breakthrough would be positive for gold in the short-term as the
\n aggressive rate hike bets will likely get pared back. A prolonged stalemate or
\n even a re-escalation, on the other hand, will likely continue to weigh on the
\n precious metal.<\/p>\n

\u00a0<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 DAILY TIMEFRAME<\/p>\n<\/p>\n

On the daily chart, we can
\n see gold<\/a>(CFD contract) eventually
\n collapsed after Trump rejected the latest Iranian proposal to reopen the Strait
\n of Hormuz. All else being equal, the next natural target should be the 3,885
\n level where we will also find a major upward trendline. If the price gets
\n there, we can expect the buyers to step in with a defined risk below the upward
\n trendline to position for a rally into new record highs. The sellers, on the
\n other hand, will look for a break to extend the drop into the 3,500 level next.<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 4
\n HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 4 hour chart, we
\n have a downward trendline defining the bearish structure. If the price pulls
\n back into the trendline, we can expect the sellers to lean on it, with a
\n defined risk above it, to keep targeting the 3,885 level. The buyers, on the
\n other hand, will want to see the price breaking higher to position for a
\n correction into the 4,500 level next.<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 1
\n HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 1 hour chart, there\u2019s
\n not much we can glean from this timeframe given the strong move lower and the
\n lack of key technical levels nearby. The sellers might want to wait for a pullback
\n that could provide a counter-trendline and then wait for the break to pile in
\n for new lows. The buyers, on the other hand, will likely use a potential
\n counter-trendline to keep pushing into the major downward trendline. The red
\n lines define the average daily range<\/a> for today and shows how strong the
\n selloff has been. \u00a0\u00a0<\/p>\n

UPCOMING CATALYSTS<\/p>\n

Tomorrow<\/a>, we get the US
\n Consumer Confidence report and the US Job Openings data. On Wednesday, we have
\n the US ADP and the US PCE price index. On Thursday, we get the US ISM
\n Manufacturing PMI and the latest US Jobless Claims figures. On Friday, we
\n conclude the week with the US NFP report.<\/p>\n

This article was written by Giuseppe Dellamotta at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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