Gold trimmed losses to about $4,415 after a rejection from the 100-day simple moving average. Gains were limited by hawkish central banks and a firmer US Dollar, after support near the 200-day SMA around $4,100. Iran rejected claims of talks and said there is no chance of a deal, and it turned down a 15-point US ceasefire proposal. Extra US troop deployments and the risk of escalation supported the US Dollar and weighed on gold. Pressure on Iran’s energy infrastructure continued, and the Strait of Hormuz was described as effectively closed, lifting crude oil and inflation concerns. Traders have nearly priced out ... (full story)