Amillex Daily Market Commentary | Geopolitics Reshapes Oil-Gold Divergence, Gold Tests 4400 Support

27 March 2026 — Global financial markets saw heavy volatility as geopolitical tensions created a “fog of war,” completely disrupting traditional safe-haven logic.

During Friday’s Asian session, spot gold traded lower around USD 4,398/oz. Despite ongoing conflict in the Middle East, gold dropped nearly 3% on Thursday, bringing total losses to about 17% since the US-Israel conflict with Iran began.

This unusual move is mainly due to a shift in market focus. The government’s decision to delay strikes on Iranian power facilities by 10 days led traders to reassess the chances of a ceasefire. As a result, crowded safe-haven long positions in gold saw aggressive unwinding.

بررسی اجمالی بازار و تحلیل بنیادی

۱. بازار سهام ایالات متحده

عملکرد شاخص

داو جونز (DJI): 45,960.11 (-1.01%) Broke below the key 46,000 level, reflecting concerns that high interest rates may stay longer.
شاخص S&P 500 (SP500): 6,495.57 (+0.06%) Stabilised after Thursday’s sharp pullback, now moving sideways at lower levels.
نزدک ۱۰۰ (NQ1): 23,831.25 (+0.16%) Tech stocks slightly outperformed, but upside remains limited due to rising rate expectations.

تمرکز سهام

تسلا (TSLA): USD 372.11 (-3.59%) Hit by tighter liquidity expectations and consumer uncertainty, underperforming the broader tech sector.

۲. بازار فارکس

شاخص دلار آمریکا (DXY): 99.926 (+0.06%) Holding firm near the 100 level.
دلار آمریکا/ین ژاپن: 159.695 (-0.06%) Yen saw some recovery near 160 as carry trades were partially unwound; markets remain alert for possible Bank of Japan intervention.
یورو/دلار آمریکا: 1.15291 (+0.03%) Euro remains weak, pressured by rising energy costs.

۳. فلزات گرانبها و کالاها

فلزات گرانبها

طلا (XAUUSD): ~USD 4,390.93 (+0.29%) Slight rebound after Thursday’s sharp drop; USD 4,400 is now a key short-term level.
نقره (XAGUSD): USD 68.0255 (+0.07%) Entering consolidation after high volatility; industrial demand is being tested amid global inflation concerns.

کالاها

نفت خام (XTIUSD): USD 94.01 (-0.10%) Prices remain elevated. US hard stance on Iranian oil supports supply risk premium, but demand concerns are starting to build.

۴. روندهای رمزنگاری و کلان

بیت کوین (BTCUSD): USD 68,700 (-0.11%) Losing momentum amid tighter liquidity, currently consolidating around the 69K level.
اتریوم (ETHUSD): USD 2,062.2 (+0.15%) Showing some resilience after previous losses, but still less attractive under current “war + inflation” conditions.

۵. داده‌های کلیدی که باید امروز به آنها توجه کرد