Gold futures are trading at $4,131.72 and showing weakness while diplomatic efforts to de-escalate the US-Iran conflict continue. The analysis points to further pressure on the metal if key levels break.
Gold futures traded at $4,131.72 on Tuesday after opening at $4,148.10, a move the analysis reads as a sign of weakness. The author concludes that gold futures remain under pressure, as in the previous analysis from Monday.
The metal is trying to defend $4,128. A sustainable move there could push futures toward immediate support level at 3,971, according to the analysis. A breakdown could push futures to the next key support at $3,939 this week.
Silver ratio nears a breakout
The spot gold and silver ratio has been stuck in a narrow range for the last eight days. The analysis says it looks ready to break immediate resistance at 78.78. A breakout will likely extend sell pressure on gold and silver futures, with the next resistance at 83.83. The ratio has maintained an uptrend since September 23, 2026.
Diplomacy continues as Iran reports no progress
On Tuesday, as the US-Iran conflict entered its 256th day, Qatar's prime minister traveled to Washington to meet President Donald Trump and Vice President JD Vance.
However, Iran says peace is impossible unless the US lifts its naval blockade, releases seized assets and lifts sanctions. Trump says renewed air strikes are "highly unlikely" if progress is made in talks on Tehran's nuclear programme and the reopening of the Strait of Hormuz.
Meanwhile, Iranian Foreign Minister Abbas Araghchi says there has been no progress in talks with the US. Iran is waiting to see whether Washington's position changes after Republican losses in last week's US midterm elections.
Trade truce adds to the picture
Separately, China on Monday effectively extended its trade truce with the US by two months. A 24% additional tariff on US imports will stay suspended, but a tariff of 10% will remain, China's state council said.
Source: Investing.com
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