Gold Market Analysis: "Gold Price Expected to Launch Strong Rebound Wave" – September 28, 2026, 10:12 AM (Completed)

The gold price has not developed as expected. After reaching a high of $4,315.73 during Friday's European midday session, the spot gold price quickly declined. Although it briefly rebounded to $4,300.22 after touching a low of $4,255, it failed to make further gains and formed a descending flag pattern on the hourly chart. In today’s Asian trading session, gold opened lower with a gap down, followed by a sharp decline, continuing to hit intraday lows at $4,213.46.

The reason behind this move appears to be the eight agreements reached between U.S. and Chinese leaders following their summit. These include mutual reductions in tariffs amounting to $30 billion, as well as an agreement that Iran should fulfill its commitment not to develop nuclear weapons, and both sides opposing any country or organization from imposing tolls on international waters. The tariff cuts will help reduce import inflation, while China’s stance against Iranian nuclear ambitions and opposition to tolls on international waterways could help reopen the Strait of Hormuz, restoring normal international oil supply and thereby helping to ease inflation driven by rising oil prices.

Overall, the market’s risk appetite has improved due to the U.S.-China agreement, making the fall in gold prices a natural response. Investors should note, however, that Trump has threatened to launch stronger military strikes against Iran after the midterm elections. Nevertheless, given the alignment of U.S. and Chinese positions on Iran’s nuclear program and their shared opposition to tolls on international waters, any future U.S. military action against Iran is unlikely to cause a significant surge in oil prices. Instead, such developments may strengthen gold’s role as a safe-haven asset.

Technically, gold touched a low of $4,206 this morning, slightly testing the strong support level at the Gann 180-degree angle of $4,210 before recovering and holding above it. With volatility already exceeding $80 in the early part of today’s Asian session, there is a higher likelihood of a strong rebound. The first key resistance level for the day is expected around $4,260, with $4,310 serving as the main short-term resistance.

The above information is for reference only and does not constitute investment advice.