Gold Market Outlook 30 September 2024

Gold Market Outlook 30 September 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 price (XAU/USD) maintained its downward trend amid positive market sentiment and geopolitical risks, although dovish Fed expectations limited losses. A series of stimulus measures by China boosted global risk sentiment, driving a modest rise in the dollar and leading to safe-haven flows out of the gold market. However, expectations that the Fed will cut interest rates by another 50 basis points in November limited the upside for the dollar and provided support for gold. In addition, geopolitical risks in the Middle East remain tense, especially the escalation of the conflict between Israel and its Iranian Allies, which provides strong support for safe-haven assets gold. The market is focused on the upcoming speech of Federal Reserve Chairman Jerome Powell, which is expected to provide further guidance on the future path of interest rate cuts and the direction of gold.

 

From a technical point of view, the gold price is still maintained in the upward channel, despite the short-term correction, but the bullish trend is still intact. The lower support for gold is in the $… area, followed by the $… mark, and a break below this support could lead to further declines towards $… and the $…-… area. The Relative Strength Index (RSI) is close to overbought territory, which means there could be some profit-taking in the near term. On the upside, however, the $…- $… area is the primary resistance level, a break above which could challenge the psychological $… level and set the stage for a continuation of the long-term uptrend.



Want completely chart technical analysis
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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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