Gold Traders Watch $4,689 Support as Trump-Xi Summit Tests Iran Resolution

Traders monitor gold at $4,689 support (9-EMA) and $4,735 resistance (50-EMA), alongside oil and S&P 500 near 7,444, for Trump-Xi summit outcomes on Iran. Tensions escalated May 11 when Trump called the month-old U.S.-Iran ceasefire on 'massive life support' post-Tehran rejection, amid China's ~20% YoY crude import drop to 4-year lows from Hormuz risks and U.S. sanctions. Brent hit $104/bbl (+44% since war), gasoline $4.50/gal (+44% YoY), yields 4.4%, despite S&P +7.3% pre-war; strategists warn no-breakthrough volatility could spark gold haven flows.