Gold Market Outlook 27 November 2024

Gold Market Outlook 27 November 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) extended their upward momentum on Wednesday, rebounding from a one-week low near $… as safe-haven demand increased amid heightened geopolitical tensions. The protracted Russia-Ukraine conflict saw intensified Russian strikes, including the use of hypersonic missiles, while Ukraine targeted locations deep inside Russia, raising fears of further escalation. Concurrently, US President-elect Donald Trump’s renewed tariff threats against Canada, Mexico, and China added to global economic uncertainties. Despite strong US consumer confidence data, with November's index hitting a high of 111.7, the US Dollar consolidated near its weekly lows, reflecting market caution as investors assessed the Federal Reserve's divided outlook on rate cuts. Attention now turns to key US economic data, including inflation and GDP figures, for additional direction. Meanwhile, a notable de-escalation in the Middle East occurred as Lebanon and Israel reached a US-brokered ceasefire, providing a glimmer of geopolitical stability.  

From a technical standpoint, Gold's rebound from the 50% Fibonacci retracement level suggests bullish momentum. Key resistance lies at the 61.8% Fibonacci level near $…, with potential targets at 50-period SMA near $…. On the downside, immediate support could be at 31.8% Fibonacci level near $…. with a break below exposing the 100-day SMA at $… and the monthly low at $…. A failure to hold these supports could resume the broader corrective decline from October's $… peak 

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

c

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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