Gold Market Outlook 24 July 2024

Gold Market Outlook 24 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 for the second day in a row and renewed their weekly high, driven by risk aversion and expectations of a Federal Reserve rate cut. With equity markets generally weakening and investor demand for safe-haven assets increasing, gold has attracted some buyers. The Federal Reserve is expected to start cutting interest rates in September, further increasing the appeal of non-yielding gold. While higher Treasury yields and the dollar's climb to a near two-week high could limit further gains in gold prices, expectations for the Fed's policy path remain supportive. Traders are focused on the upcoming release of US second-quarter GDP and PCE data, which will give fresh clues to the Fed's interest rate decision, which in turn will influence the direction of the gold market.

From a technical point of view, gold prices rebounded from the $…support level this week, which coincided with the 100-cycle SMA on the 4-hour chart and the 50% retracement of the June-July rally, indicating strong support in this area. If gold breaks below this zone, it could dip further to the 61.8% Fibonacci level of $…-…, and possibly even to the $…-… zone, with an ultimate target of $…. However, gold is trading at the 23.6 Fibonacci level in the $…-… region and further challenging the all-time high of $… hit on July 17. Until then, the $… area may provide some intermediate resistance. Therefore, traders need to pay close attention to the above key technical levels to capture short-term opportunities in the gold market.

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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