Gold Market Outlook 29 August 2024

Gold Market Outlook 29 August 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 rose back above $2,500 in Asian trading on Thursday, supported by expectations of a Fed rate cut and geopolitical tensions in the Middle East. The market expects the Federal Reserve to cut interest rates in September, which could boost demand for gold as lower interest rates reduce the opportunity cost of holding non-yielding bullion. In addition, political uncertainty in the United States and global economic concerns have further boosted gold prices. However, the strength of the U.S. dollar may limit the upside of gold prices, as it makes dollar-denominated gold more expensive for most buyers. Investors will be closely watching U.S. second-quarter GDP data on Thursday for more clues on the pace of the Fed's rate cuts, while Friday's PCE price index data will also be in focus.

Gold prices remained positive during the day, although still constrained by a five-month uptrend channel upper boundary and all-time highs. However, the overall trend remains bullish, with prices well above the key 100-day exponential moving average (EMA). The 14-day Relative Strength Index (RSI) is above the midline near 61.00, indicating that upside potential remains. The key resistance to the upside is located in the $…-… area, which is the confluence of all-time highs and the upper boundary of the trend channel. A break above this level could see further gains to the psychological $… level. On the downside, initial support for XAU/USD is at the round $… mark. A break below this level could lead to a significant drop in gold prices to the August 15 low of $…, with further support at $…, the 100-day EMA.



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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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
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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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