IG Analyst: Ongoing Middle East diplomatic breakthroughs continue to pressure oil prices, while gold gains clear bullish support

1. IG market analyst Tony Sycamore pointed out that the recent strong rebound in gold prices is mainly due to the rising optimism in the market about an imminent diplomatic breakthrough in the Middle East. This situation will continue to exert downward pressure on oil prices while reducing the necessity for central banks to raise interest rates, thus providing clear positive support for gold. 2. Sycamore added that if the gold price can consistently stay above the 200-day moving average of $4,490, it will pave the way for a stronger rebound towards the key $5,000 level.