On Tuesday (April 7) in early Asian trading, spot gold traded around $4660 per ounce. Gold prices fell slightly on Monday. Although Trump reiterated that failure to reach an agreement by Tuesday would be "hellish" for Iran, Iran is seeking a lasting ceasefire and resisting pressure for a temporary ceasefire. Meanwhile, Iran released a ten-point peace roadmap, offering to lift the blockade in exchange for a ceasefire.

In the short term, the outcome of Trump's Tuesday evening deadline will be decisive. If Iran yields and opens the Strait of Hormuz, oil prices may fall rapidly, inflationary pressures will ease, and the Federal Reserve will have room to cut interest rates, which would be beneficial for gold. If Iran maintains its position, the US escalates its attacks, and the war further expands, then safe-haven demand may push up gold prices in the short term, but the ensuing inflationary shock and expectations of interest rate hikes will suppress gold in the medium term.

From the daily chart for spot gold, yesterday's price action resulted in a doji candlestick pattern with upper and lower shadows. Although the price failed to continue its rebound, the overall upward trend remains intact. The MACD indicator is still in a golden cross, suggesting that the rebound may not yet be over. Watch for support from the 10-day moving average (MA10).

From the 4-hour chart for spot gold, the price has been in a volatile rebound recently. However, after reaching the 4600 level, it is currently in a pullback. Although the pullback has temporarily slowed, the MACD indicator is still in a death cross, suggesting that the short-term trend has not reversed. Watch for resistance around 4660. Resistance: 4660-4670-4680 Support: 4650-4640-4630.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.