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US Threatens Unprecedented Iran Sanctions; Markets on Edge

(By ATFX Analyst Team)

 

Key Takeaways

U.S. equities, gold, and crude oil all rose on Friday, but Bessent warned that Washington will impose the “toughest sanctions in history” on Iran, possibly announced Monday. As a result, market sentiment at the start of the week is expected to remain cautious.

Today’s focus: From key U.S. economic data and inflation indicators to Nvidia’s earnings as a global AI benchmark, and the annual Jackson Hole central bank symposium, multiple heavyweight events will dominate this week. With Monday’s data relatively light, markets are watching closely for any announcement of new U.S. sanctions on Iran.

 

Global Market Review 24/08/2026

  • U.S. services sector posted its strongest growth in nearly two years, offsetting manufacturing weakness. Major indices closed higher last Friday but fell over the week: S&P 500 ‑1.43%, Nasdaq ‑2.05%, Dow ‑0.85%.
  • Treasury yields rose, and the dollar index edged higher last Friday.
  • Gold climbed to a three‑month high, marking its third consecutive weekly gain.
  • Oil prices rose after Trump threatened sanctions on Iran’s trade partners, fueling expectations of tighter supply in coming weeks.

 

Key Events Today:

  • 20:30 US Chicago Fed National Activity Index JUL **

August 25 (GMT+8)

  • 09:30 RBA Meeting Minutes ***
  • 14:00 EU GERMANY GDP QoQ Final Q2 **
  • 16:00 EU GERMANY Ifo Business Climate AUG **
  • 20:00 US Building Permits Final JUL **
  • 22:00 US CB Consumer Confidence AUG **
  • 22:00 US Richmond Fed Manufacturing Index AUG **

 

Markets Analysis 24/08/2026

  • Resistance: 1.1737 / 1.1771
  • Support: 1.1657 / 1.1623

EUR/USD hovered near 1.1680 in Asia on Monday after three straight gains, confined to May’s narrow range.

Analyst View: Two days of tight-range trading at highs indicate momentum is pausing. 1.1711 remains key resistance; repeated failure could trigger minor pullback.

Bias: High‑level consolidation

  • Resistance: 1.3701 / 1.3734
  • Support: 1.3626 / 1.3591

Despite disappointing UK retail sales, GBP/USD held above 1.3600, extending a three‑day rally, opening lower Monday but rebounding.

Analyst View: Bulls continue to print higher highs, technically opening space for further upside channel expansion.

Bias: Mildly bullish

  • Resistance: 159.05 / 159.42
  • Support: 158.23 / 157.87

USD/JPY briefly reached 159 last Friday but failed to hold above it. Rising Japan CPI supported JPY.

Analyst View: Bulls are trying to escape last week’s low range but are capped at 159. Likely to consolidate within range.

Bias: Range trading

  • Resistance: 86.66 / 87.16
  • Support: 84.56 / 84.07

Oil hovered above $86 last Friday as Trump threatened sanctions on Iran’s trade partners. Prices eased on Monday morning.

Analyst View: After last week’s rally, profit‑taking emerged. Market awaits sanction news for fresh volatility. $88 remains key resistance.

Bias: Watchful

  • Resistance: 4658 / 4675
  • Support: 4589 / 4568

  • Resistance: 69.93 / 70.43
  • Support: 68.44 / 67.80

Treasury buybacks boosted gold above $4,600, the highest in three months.

Analyst View: Gold extended gains above $4,600, approaching May highs. Bulls cautious, watching U.S.–Iran tensions.

Bias: Mildly bullish

  • Resistance: 53,531 / 53,996
  • Support: 52,779 / 52,402

U.S. equities rebounded last Friday; PMI hit a four‑year high. Dow bounced from early‑August lows.

Analyst View: Needs follow‑through above 53,500 to strengthen momentum. Watch U.S.–Iran tensions as a potential cap.

Bias: Mild rebound

  • Resistance: 29,489 / 29,634
  • Support: 29,203 / 29,021

Nasdaq rose modestly last Friday as Treasuries stabilised, though tech was mixed.

Analyst View: Still stuck in early‑August low range. Must break 29,500 to ease pressure; otherwise risks retesting 29,200.

Bias: Weak trading

  • Resistance: 80,332 / 82,759
  • Support: 74,990 / 72,643

Bitcoin climbed to $78,000, one of its best weekly performances in years, driven by a weaker dollar, ETF inflows, and short covering.

Analyst View: After the surge, BTC/USD locked in a tight 75,500–79,500 range, posting lower highs. Bulls are pausing ahead of the $80k test.

Bias: Range consolidation

Enjoy trading! The content is for reference only. Please ensure that you understand the risk.

 

About the author

Martin Lam

 

Martin Lam is ATFX Chief Analyst for Asia Pacific, with over 20 years of experience in global forex and investment markets. He holds a degree in Finance and Economics from Deakin University and has held senior roles at leading FX brokerage firms.

More from Martin Lam

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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