ETO Markets Global Pulse: Gold Tests $4,664 as Oil, USD Rise

Market Review

According to ETO Markets monitoring, on April 23 (Thursday), spot gold briefly fell to USD 4,664.28 per ounce, the lowest level in nearly two weeks. Gold remained under pressure as Middle East tensions pushed oil prices higher and the USD strengthened.

On April 24 (Friday) during early Asian trading, spot gold moved in a narrow range around USD 4,697 per ounce. The market is still showing a low-level consolidation pattern in the short term.

Global Headlines

Trump Orders Full Strait Blockade

Trump said the Strait of Hormuz is now under a “full blockade” and ordered strikes on any vessels laying mines. Iran activated air defense systems in response to potential threats, adding to market volatility.

Israel Lebanon Truce Extended Again

Trump said the temporary ceasefire between Israel and Lebanon will be extended by another three weeks. US officials said talks are progressing and efforts to stabilize the region will continue.

Three Carriers Boost US Presence

The USS George H.W. Bush entered the Middle East, joining the Ford and Lincoln carrier groups. The three-carrier posture marks a further buildup of US military presence in the region.

FED Cut Odds Stay Low

Market pricing shows the probability of a cumulative 25bps FED rate cut by December at 34.4%, while the chance of no change stands at 64.9%. Policy expectations remain relatively tight.

US PMI Hits Four-Year High

The preliminary US manufacturing PMI rose to 54 in April, the highest level in nearly four years. Inventory-building supported the gain, while price indicators also moved sharply higher, pointing to persistent inflation pressure.

ETO Markets Analyst View (Spot Gold)

Spot gold remains in a weak and range-bound structure, with 4,725 acting as the key resistance level. If prices stay below 4,725, downside pressure may continue, with support seen at 4,667 and 4,643.

If gold regains 4,725, a recovery rebound may develop. In that case, the next upside levels to watch are 4,745 and 4,770. Overall, the market is still in a correction phase.

RSI shows a mixed pattern, while short-term momentum remains soft. Price action still leans slightly to the downside. With geopolitical tensions rising and inflation expectations firming, volatility may stay elevated.

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