The U.S.-Iran conflict has reached its 70th day, marked by significant market irregularities, despite both countries agreeing on a memorandum of understanding that awaits approval from President Trump and Iran’s leadership as of last Thursday.
On Friday, the U.S. president and senior aides met to make a “final determination” on a framework for extending the ceasefire with Iran, but the meeting concluded without clarity on next steps.
The latest iteration of the deal, first reported by Axios on Saturday, includes a 60-day cessation of violence, a call to reopen the Strait of Hormuz, and a framework to reopen negotiations on Iran’s nuclear program, according to CBS.
Should diplomacy progress, the deal also reportedly involves potential sanctions relief to Iran that could allow it to access billions of dollars in frozen assets, CBS said.
Sunday’s reports of further edits are the latest development in days-long negotiations between the White House and Tehran on the framework of a deal aimed at ending the months-long war.
Now, President Donald Trump has requested edits to the US-Iran deal to bring an end to fighting that began earlier this year, US media reported.
The changes are related to the Strait of Hormuz and the removal of highly enriched uranium, CBS News, the BBC’s US news partner, reported. The White House did not respond to a request for comment.
Mohammad Bagher Ghalibaf, Iran’s chief negotiator, said on Sunday that Tehran would not agree to any deal unless Iranian rights were fully secured.
On evaluating the movements of the on hourly charts, I find that after a gap-down opening today, gold futures have shed approximately 1.34%, exactly the same as I predicted in my , while the ticked higher approximately 3.36% and have gained approximately 3.58%, exerting significant bearish pressure on gold futures.
Undoubtedly, gold futures are maintaining a 60-degree slide from the tested high on May 29 at $4,627.63, and could push the futures below the pivotal point at $4,444 in today’s session, where a breakdown below this support could accelerate the selling spree.
I anticipated that the gold futures could find a breakdown below the significant support at $4,396 if they maintain this 60-degree slide in today’s session, as the focus seems to be shifting from a peace deal to the Fed’s decision on interest rates in its forthcoming meeting on June 16-17, 2026, while the bets are increasing on a rate hike this time.
Disclaimer: Readers are requested to take any position in gold at their own risk, as this analysis is based solely on observations.
