Gold Market Outlook 22 January 2024

Gold Market Outlook 22 January 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

Last Friday's session saw a further increase in the price of gold as demand for safe-haven assets increased as a result of the escalating Middle East war. Tensions between the Houthi rebels and the US military are growing along the main commercial shipping route that crosses the Red Sea, which is exacerbating the situation in Gaza. Furthermore, Pakistan launched military operations in Iran on Thursday in retaliation for Iran's comparable attack on its land. The precious metal has made a substantial comeback, but the short-term picture has not changed to one of bullishness as expectations on a Federal Reserve interest rate decrease appear to have limited additional upside. 

The price of gold surged to about $… on last Friday. After attracting purchasing interest close to the psychological support level of $…, the precious metal made a robust recovery. After finding support from the 50-DMA, which is currently trading at $…, the yellow metal recovered. The 20-DMA around $… is still serving as a barrier for those who are bullish on the price of gold, nevertheless. The Relative Strength Index recovered after testing the area around 50.

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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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