Gold Market Outlook 23 December 2024

Gold Market Outlook 23 December 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's price action reflects a complex interplay between monetary policy expectations and fundamental drivers. The recent Federal Reserve meeting has established a more hawkish trajectory for 2025, with projected rate cuts reduced to 50 basis points from the previously anticipated 100 basis points. This policy shift has created immediate resistance at $…, validated by declining volume on recent attempts to breach this level. The softer-than-expected PCE data (2.4% YoY vs. 2.5% forecast) has provided temporary support, though the impact remains constrained by the Fed's cautious stance on easing. Chinese seasonal demand ahead of the Lunar New Year is creating a fundamental floor, evidenced by sustained buying pressure above the $… psychological level. The technical structure suggests a consolidation phase, with price action compressed between major moving averages and key support/resistance zones.

From a technical perspective, the market has established an immediate support at $…, with the price currently testing the $… level, reinforced by the convergence of the 55-day exponential moving average (…) and significant volume profile. This zone is further strengthened by multiple daily closes and the formation of higher lows, suggesting strong institutional buying interest. Primary resistance is clearly defined at $…, marked by a double top formation and declining volume on recent tests. The upper Bollinger Band at $… provides an intermediate resistance level, while the lower band at $… aligns with the 100-day exponential moving average at $… to form a robust support cluster. The current RSI readings (… on 14-period) indicate neutral momentum, though declining peaks suggest weakening upside momentum.

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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