Trump rules out Iran attack ahead of November 3 elections
Trump said the US will not attack Iran before the November 3 midterm elections, easing oil market concerns.
Unconfirmed Arab sources report multiple severe explosions in the Strait of Hormuz, targeting a tanker.
Unverified Arab media reports indicate that multiple powerful explosions have taken place in the Strait of Hormuz.
The source claims a tanker was the target of the attack.
Middle East geopolitical tensions continue to weigh on market sentiment for traders.
US equity markets reversed gains and turned lower, with the NASDAQ index testing the lower boundary of its prior swing area — a zone between 27190 and 27288. The index touched a low of 27210. The S&P 500 has slipped beneath its previous high swing area of 7771.48 and is currently trading at 7756.29.
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Trump said the US will not attack Iran before the November 3 midterm elections, easing oil market concerns.
An analysis of gold price patterns shows how technical levels like moving averages and swing areas can help traders anticipate moves.
Crude oil futures test a key swing area, giving traders a level to define risk and short-term bias.
Bison Interests CEO Josh Young says oil inventories are depleting and warns of currency debasement, with WTI fair value near $105.