Gold Market Outlook 02 August 2024

Gold Market Outlook 02 August 2024

Gold bars on a red background with a bar graph, representing the AI trading market and the gold trading news.

Article by: ETO Markets

On Friday during the Asian session, the price of gold continued to rise to $2,450 per ounce. Gold investors are filled with concerns about the U.S. employment economic data to be released tonight. The continuous economic weakness has led the market to hold a pessimistic view on key economic data such as U.S. non-farm payrolls and the unemployment rate, boosting safe-haven sentiment and supporting gold prices. Additionally, the escalating geopolitical tensions in the Middle East, following the assassination of a Hamas leader, have further increased the demand for gold. Coupled with dovish remarks from the Federal Reserve (Fed), gold has a good chance of reaching a new historical high. 

From a technical perspective, it seems inevitable that gold will break new highs, with the $… mark unlikely to pose much resistance to its price. The bullish sentiment among gold buyers appears to be unstoppable until it reaches the $…-$… range. Each dip in price is seen as a buying opportunity for gold, with yesterday’s low around $… now acting as a new support level. In the short term, it has become increasingly difficult for gold sellers to regain control. 

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Disclaimer

ETO Markets Limited is registered in Seychelles with Company Number 850672-1 and authorised by the Financial Services Authority (FSA), Licence Number SD062; ETO Markets LLC is registered in Saint Vincent and the Grenadines with Company Number 3286LLC2023.


The information provided on this website is general in nature only and does not constitute personal financial advice. Please note that investing in CFDs and Margin FX Contracts carries significant risks and is not suitable for all investors. You don’t own, or have, any interest in the underlying assets. Any information or general financial product advice given is generic in nature and does not take into account your financial situation, needs or personal objectives. Past performance is not a reliable indicator of future performance. Investing in leveraged products carries significant risks. We recommend that you seek independent advice and ensure that you fully understand the risks involved before trading. It is important that you read and consider our disclosure documents
(Privacy Policy & Risk Disclosure) before you acquire any product.

2024 ETO Markets | All rights reserved

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Disclaimer

ETO Markets Limited is registered in Seychelles with Company Number 850672-1 and authorised by the Financial Services Authority (FSA), Licence Number SD062; ETO Markets LLC is registered in Saint Vincent and the Grenadines with Company Number 3286LLC2023.


The information provided on this website is general in nature only and does not constitute personal financial advice. Please note that investing in CFDs and Margin FX Contracts carries significant risks and is not suitable for all investors. You don’t own, or have, any interest in the underlying assets. Any information or general financial product advice given is generic in nature and does not take into account your financial situation, needs or personal objectives. Past performance is not a reliable indicator of future performance. Investing in leveraged products carries significant risks. We recommend that you seek independent advice and ensure that you fully understand the risks involved before trading. It is important that you read and consider our disclosure documents
(Privacy Policy & Risk Disclosure) before you acquire any product.

2024 ETO Markets | All rights reserved

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