Gold Market Outlook 26 July 2024

Gold Market Outlook 26 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

U.S. macroeconomic data released on Thursday beat expectations, sending gold prices to their lowest in more than two weeks. In the second quarter, GDP grew at an annualized rate of 2.8%, up from 1.4% in the first quarter. At the same time, the core personal consumption expenditures (PCE) price index, the Fed's preferred inflation measure, slowed to 2.9% from 3.7% in the first quarter. The number of Americans filing for unemployment benefits also fell to 235,000, below market expectations. Still, the dollar has weakened on expectations that the Fed will start cutting interest rates in September and make two more cuts before the end of the year, which has provided some support to gold prices. Traders are now looking to the upcoming U.S. PCE price index for June for more clues on the Fed's policy path, which could determine the short-term direction of gold.

From a technical point of view, gold prices are showing some rebound below the 50-day simple moving average (SMA), temporarily ending a two-day losing streak. However, the volatility indicator on the daily chart has just begun to turn negative, indicating greater downward pressure on gold prices. A break below the previous day's low of $… would confirm a continuation of the recent corrective decline. On the downside, key support lies in the $… - $… area near the 100-day SMA, and a break below this area could lead to a further dip to levels below $… or June lows. On the upside, gold needs to break through resistance in the $… area, followed by strong resistance at the $…-… and $… levels. A break through these resistance could see gold recover to its weekly high of $….

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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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