Gold Holds Near $4,760 as Fragile US-Iran Ceasefire Caps Safe-Haven Rally – $4,860 Breakout or $4,610 Dip?

Quick overview

Gold is currently trading in a fairly stable range between $4,740 and $4,790 per ounce on April 9 2026, showing some gentle gains or just carrying on after the sharp volatility that greeted the US-Iran ceasefire. Spot prices are hovering right around $4,765 while June futures have been trading in the $4,711 low – $4,825 high range today.

Why is gold just stuck around $4,760 right now?

The news of a two week ceasefire seems to have largely taken the edge off the immediate fear of escalation and reduced the “war premium” – which in turn triggered a bit of a relief rally on April 8. However, a lot of people are still a bit worried that this truce might not stick, there’s still some regional activity going on, and the truce is only going to last a short time, so not everyone is feeling brave enough to dive back into gold as a safe haven.

What’s been happening with the price lately

On April 8, gold took a bit of a leap, surging 2-3% and rising to near its highs from three weeks ago at $4,800 – $4,850 after the ceasefire announcement came in. The deal involved Iran agreeing to let the Strait of Hormuz reopen – which in turn sent oil prices tumbling and really lifted people’s appetite for taking on risk globally.

Since then, the price has steadied a bit, and while gold has made some modest gains in early and mid-session trading, it’s not really got above its January high of around $5,500-$5,600. Its been recovering from those dips though and physical demand is still looking strong, with investors continuing to buy into gold ETF’s and central banks – especially China on a 17-month buying streak – still looking to buy in.

What’s driving things today

• Politics: The ceasefire has made the immediate prospects for supply disruption a bit less scary, but despite this, there are still reports of other stuff going on regionally and a lot of uncertainty over whether the Hormuz will really be fully reopened.
• Economic stuff: The US dollar has been a bit weaker and oil prices have dropped – which has helped take some of the pressure off the inflation worries that people have and has potentially given everyone a bit more confidence that the Fed will cut interest rates (which tends to be good for gold). There are some pretty big upcoming US inflation numbers that people will be watching out for.
• Demand trends: Gold is still being held in quite high demand in Asia, and the fact that interest rates are really low just makes it easier for people to hold onto gold rather than putting their money elsewhere.

What the charts are saying

Gold (XAU/USD) is currently trading near $4,765 on the 2-hour chart – and its still looking pretty bullish. Price action on this chart has been pretty consistently going up despite a few dips, and that recent consolidation testing out $4,717 has looked like a successful rebound.

The price has both the 50 and 200 day averages back under control – with the short-term one crossing over the longer term one which is a pretty clear signal that things are looking up. The RSI is sitting around 55 at the moment, which is a pretty neutral reading that says there’s still a lot of room for the price to go up.

Key price levels

• Resistance: $4,861 to $4,944
• Support: $4,717 to $4,610

As long as gold keeps respecting that backbone trendline and stays above $4,717 theres a good chance it will keep on going up towards $4,860 and maybe even $5,000 and beyond in the longer term.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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