ETO Markets Global Pulse: Gold Rebounds 0.85% as US Eases Sanctions

Market Review

According to ETO Markets monitoring, on June 22 (Monday), spot gold rebounded from a more than one-week low, rising 0.85% to close at USD 4,191.18 per ounce. Prices had fallen as low as USD 4,121.79 during the previous session.

On June 23 (Tuesday) during early Asian trading, spot gold moved in a narrow range around USD 4,190 per ounce. The market remains in a low-level consolidation phase.

Global Headlines

US Pauses Iran Oil Sanctions

US Treasury Secretary Bessent said the Treasury has issued a 60-day general license as part of the US-Iran negotiation framework. The license permits the production, delivery, and sale of Iranian crude oil, petroleum products, and petrochemicals until August 21, 2026. Iranian oil imports into the US will also be allowed to resume.

Iran Sets New Strait Framework

Iranian chief negotiator and Parliament Speaker Qalibaf said management of the Strait of Hormuz will not return to its pre-war structure. Future operations will follow an Iranian framework under international law. The US and Iran have agreed to establish a coordination center and a 30-day hotline for shipping emergencies, while transit permits will remain subject to existing approval procedures.

Rule Says Gold Bottom Unconfirmed

Natural resources investor Rick Rule said copper and oil remain relatively undervalued, while AI data center expansion will continue to increase demand for physical resources. He expects nuclear energy to benefit from AI growth and sees uranium as a potential surprise winner. However, he said it is still too early to confirm that gold has formed a bottom.

BofA Warns Of Market Crowding

Bank of America strategist Hartnett said AI stocks now account for 39% of the S&P 500, while the Bull & Bear Indicator has reached 9.2, entering a sell-signal zone. Weekly equity fund inflows also reached USD 119.2 billion. He said the November midterm elections and the impact of Iran developments on oil prices will be key variables for US equities.

ETO Markets Analyst View (Spot Gold)

Spot gold remains below a key technical area, with 4,245 acting as the main pivot. If prices regain and hold above 4,245, the recovery structure may strengthen, with upside levels to watch at 4,385 and 4,425.

If gold stays below 4,245, support levels at 4,170 and 4,110 remain in focus. Overall, gold is still confirming direction after rebounding from recent lows.

RSI is moving higher, showing some improvement in short-term momentum. However, a sustained break above 4,245 is still needed to confirm stronger upside potential. With markets reacting to US-Iran talks, energy prices, and FED policy expectations, price action may remain uneven.

Disclaimer

The information contained herein is for general reference only and does not constitute investment advice, a solicitation, or an offer to buy or sell any financial products.

ETO Markets does not guarantee the accuracy, completeness, or timeliness of the information and shall not be liable for any losses incurred from reliance on such content.