Iran Deal Hopes Keep Oil Under Pressure, Gold Holds $4,500, USD Steady Near 99
May 28, 2026
US-Iran Talks Progress, but Details Remain
Reports indicate that the US and Iran are close to a 60‑day framework agreement to extend the ceasefire, reopen the Strait of Hormuz, and release some frozen Iranian assets. However, President Trump insists he is in no rush, and all details must be finalized. Key sticking points include Iran's nuclear program and its demand to control maritime traffic in the strait.
Oil – WTI Tests $92 Support
WTI crude is trading near 92 per barrel, having fallen over 690 (psychological level), then 87−85 Resistance is at 95.40 (50‑day MA) and 98.43(20‑dayMA). A break below 90 could open deeper losses.
Gold – Consolidates Above $4,500
Gold remains above 4,500 supported by a weaker dollar and lower oil prices. Key support is at 4,500 and 4,381(200‑dayMA). Resistance lies at 4,580 and $4,757 (100‑day MA). The Fed's hawkish stance continues to limit upside.
Dollar Index (DXY) – Steady Near $99.00
DXY is holding near 99.00, with support at 98.64 and 98.26. Resistance at 99.52 and 100.00. Any firm Iran deal could push the dollar lower.
Today's Key Data (May 28)
May 28, 2026
US-Iran Talks Progress, but Details Remain
Reports indicate that the US and Iran are close to a 60‑day framework agreement to extend the ceasefire, reopen the Strait of Hormuz, and release some frozen Iranian assets. However, President Trump insists he is in no rush, and all details must be finalized. Key sticking points include Iran's nuclear program and its demand to control maritime traffic in the strait.
Oil – WTI Tests $92 Support
WTI crude is trading near 92 per barrel, having fallen over 690 (psychological level), then 87−85 Resistance is at 95.40 (50‑day MA) and 98.43(20‑dayMA). A break below 90 could open deeper losses.
Gold – Consolidates Above $4,500
Gold remains above 4,500 supported by a weaker dollar and lower oil prices. Key support is at 4,500 and 4,381(200‑dayMA). Resistance lies at 4,580 and $4,757 (100‑day MA). The Fed's hawkish stance continues to limit upside.
Dollar Index (DXY) – Steady Near $99.00
DXY is holding near 99.00, with support at 98.64 and 98.26. Resistance at 99.52 and 100.00. Any firm Iran deal could push the dollar lower.
Today's Key Data (May 28)
- EU Economic Sentiment Indicator (May) – 20:00 GMT
- US Initial Jobless Claims – 23:30 GMT (forecast 212k)
- US Core PCE (Apr) – the Fed's preferred inflation gauge – also due.
- Oil: Bearish below $95. Watch for deal setbacks.
- Gold: Range‑bound. Upside limited by Fed hawkishness.
- Dollar: Vulnerable to peace progress.