Gold Market Outlook 09 January 2025

Gold Market Outlook 09 January 2025

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

Article by: ETO Markets

Gold prices (XAU/USD) are struggling to build on recent gains, pressured by a firm US Dollar near a two-year high, supported by expectations of slower rate cuts by the Federal Reserve. Despite this, geopolitical risks, trade war concerns, and a cautious market mood continue to bolster gold as a safe-haven asset. A modest pullback in US Treasury bond yields prevents further USD strength, helping to limit gold's downside. Meanwhile, data from the US showed a weaker-than-expected ADP report with private payrolls rising by just 122,000 in December, while jobless claims dropped to 201,000, suggesting labor market stability. The December FOMC meeting minutes revealed a preference for slower rate cuts, further supporting the USD. As investors await the US Nonfarm Payrolls report on Friday, they also look to speeches from influential FOMC members for short-term trading opportunities. Geopolitical tensions, including tensions in Ukraine and Israel, add to the flight to safety, which limits gold's losses.

From a technical perspective, the overnight swing high around the $... level acts as an immediate hurdle for gold, and if surpassed, it could trigger further bullish momentum. Oscillators on the daily chart have moved into positive territory, suggesting the potential for a rise toward intermediate resistance at $...-$..., possibly reaching the $... mark. On the downside, any further decline is likely to find support near the $... area, followed by the $... region and the weekly low around $...-$.... A break below $..., where the 100-day Exponential Moving Average (EMA) and a short-term ascending trendline converge, would signal a bearish shift, potentially pushing gold towards the December swing low at $..., with the next key support near the $... zone.

Want completely chart technical analysis
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Want completely chart technical analysis
and trade recommendations on XAUUSD?

Want completely chart technical analysis
and trade recommendations on XAUUSD?

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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
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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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