Gold market analysis

Gold price hits $4,110 as key intraday resistance level  
September 7, 2026, 11:14 AM  

Iran attacked vessels navigating in Omani waters, and U.S. forces also carried out strikes against several Iranian targets. The United States stated that Iran had recently launched unjustified attacks on ships transiting this international waterway, and the U.S. will hold those responsible accountable. Foreign media reported that U.S. officials revealed the duration and intensity of America's new actions would depend on Tehran's next move. 

Amid renewed tensions between the U.S. and Iran, oil prices surged while gold prices sharply declined. Crude oil reached as high as $76 yesterday, while spot gold fell below $4,100, hitting a low of $4,022.22. Although it later rebounded, it remained clearly constrained by the psychological resistance level at $4,100. With the U.S.-Iran situation unlikely to ease in the short term, gold is expected to remain under pressure but may still hold steady above the $4,000 mark. 

Technically, gold is currently drifting lower along the 20-period SMA on the hourly chart (4068). A further decline could form a double bottom with yesterday's low, and a break below that level would likely create a bullish divergence with the 9RSI. Support at $4,010—aligned with Gann's square at a 90-degree angle—is expected to trigger a strong rebound. Market reaction to escalating tensions between the U.S. and Iran has been relatively muted, so gold is likely to remain within its familiar trading range. However, if the $4,944 level is breached, long positions should consider taking profits. For now, $4,105 to $4,110 remains the key resistance zone for intraday rebounds. 

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