Gold Market Outlook 22 July 2024

Gold Market Outlook 22 July 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) rose above $2,400 this week on the back of a weaker U.S. dollar and expectations of a Fed rate cut. U.S. President Joe Biden's exit from the race led to selling pressure on the dollar, while Vice President Kamala Harris emerged as a leading Democratic candidate and former President Donald Trump remained the betting market favorite, which weakened the dollar and boosted gold's appeal. In addition, the Fed's September rate cut is fully priced in, which puts pressure on the dollar and increases the appeal of non-yielding gold. Geopolitical risks such as the Sino-US trade war, the Russia-Ukraine war and the conflict in the Middle East have further increased the demand for gold as a safe-haven asset, supporting the rise in gold prices.

From a technical point of view, gold prices saw a corrective decline following last week's all-time high, but temporarily stopped falling ahead of support levels between $… and $…. This area, which coincides with the 50% retracement level of the June-July rally and the 100-cycle SMA on the 4-hour chart, is a key pivot for short-term traders to watch. If the gold price effectively breaks below this area, it may further explore the 61.8% Fibonacci level, which is the $…-… region, and may even fall to the $…-… region. On the upside, gold needs to break out of the $…-… region to push up to the $…-… region and eventually challenge the all-time high of $…. The volatility indicator on the daily chart remains in positive territory and bulls could retest the all-time high and break the psychological $… level. However, the durability of gold above $… will be an important indicator to watch market sentiment.

Want completely chart technical analysis
and trade recommendations on XAUUSD?

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
(Privacy Policy & Risk Disclosure) before you acquire any product.

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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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