Gold Market Outlook 07 June 2024

Gold Market Outlook 07 June 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

This week, the European Central Bank (ECB) announced the much-anticipated 25 basis point rate cut, which also increased market confidence in the Federal Reserve's first rate cut in September. On Thursday, the number of initial jobless claims for the past week exceeded the expected 220K, reaching 229K. This is consistent with U.S. employment data released earlier this week, all reflecting a worsening employment environment in the United States, which could help the Federal Reserve achieve its inflation target.

The continuous disappointments in U.S. employment data have led gold investors to hold a pessimistic outlook on tonight's non-farm employment change and unemployment rate announcement. The market appears to be pricing in this news in advance. As a result, gold prices continued their strong performance from the past two days in the Asian session this morning, reaching a new two-week high of around $... The non-farm employment report, which will influence the Federal Reserve's future policy decisions, is expected to provide new momentum for gold tonight.

Gold buyers have taken control, completely reversed the trend and firmly positioned gold above the 20-day simple moving average (DMA) level of $ ... Meanwhile, the Relative Strength Index (RSI) has not yet reached the overbought zone and remains bullish. Buyers maintain strong momentum and are poised to challenge the $… resistance level, followed by the high of $... The 50-day simple moving average (DMA) at $… provides support for gold; a break below this level would be needed to attract more sellers. 

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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
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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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