Gold Market Outlook 16 February 2024

Gold Market Outlook 16 February 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

US retail sales fell 0.8% MoM in January, which was substantially worse than the 0.1% decrease that was predicted. Additionally, the number of Initial Jobless Claims increased by 212K, which was higher than the predicted 220K but still indicative of a tight job market. The Philadelphia Fed Manufacturing Survey increased to 5.2 from -10.6 in January during the same time, while the NY Empire State Manufacturing Index improved to -2.4 in February from -43.7 in January.

The announcement continued the downward trend in government bond yields, which had been gradually declining throughout the morning. After rising from an intraday low of 4.187%, the 10-year Treasury notes are currently trading at 4.25%, down for the day. The US Dollar strengthens in tandem with rising interest rates, while it is still down against the majority of its main competitors.

Although gold is trading above the 200-DMA, the price of the yellow metal remains neutral to downwardly oriented. Regarding price activity, gold has experienced a string of lower highs and lows, paving the way for additional declines. Sellers must, however, recapture the 100-DMA at $…, which may allow us to test the low of $… on December 13 and then the 200-DMA at $…. On the other hand, gold can aim for the high of $… set on February 1 if buyers drive prices over the 50-DMA at $….

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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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