Gold Market Outlook 11 September 2024

Gold Market Outlook 11 September 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

Gold prices (XAU/USD) continued to rise this week, largely driven by a weaker dollar and risk aversion in the market. Investors are awaiting the release of U.S. consumer price index data, which is expected to be a key influencer at the Federal Reserve's September policy meeting. If the data shows inflation cooling further, the market could increase bets on faster policy easing by the Fed, boosting gold prices. CPI is expected to come in at 0.2% m/m in August, with the annual rate falling from 2.9% to 2.6%, while core CPI is expected to remain at 3.2% y/y. The data could strengthen the case for an interest rate cut at the Federal Reserve's September meeting. At the same time, weakness in the stock market has also encouraged some inflows into safe-haven assets such as gold. In addition, although the first debate between Vice President Kamala Harris and Donald Trump did not have a noticeable impact on the market, the prospect of the Fed's easing policy still attracted investors. According to CME's Fed Watch tool, the market is currently pricing in a 67 percent chance that the Fed will cut rates by 25 basis points at its September meeting.

From a technical point of view, gold is currently trading above $…, but still faces resistance in the $…-… supply area. This area is the top of the trading range of the past few weeks and serves as a key barrier to further gains. If gold can break out of that range and break through the all-time high of $…, it could attract more buying and push gold higher, with a possible target of $… or higher. However, if gold fails to break above $… and pulls back, initial support will be at $…, with further support between $… and $…. These levels form a key support to the downside, and a loss of ground could trigger further selling that could take gold to the 50-day Simple Moving average (SMA) level of $… or even lower to $….

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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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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