Gold Market Outlook 31 October 2024

Gold Market Outlook 31 October 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

From a fundamental perspective, gold prices retreated slightly during the Asian session on Thursday, mainly under pressure from a slightly stronger dollar and rising US Treasury yields. Market expectations of a smaller interest rate cut by the Federal Reserve, coupled with concerns about the US fiscal deficit, continue to support the rise in Treasury yields, which has posed an upside limit to non-yielding assets such as gold. However, with political uncertainty approaching the US presidential election on November 5 and tensions in the Middle East, gold's safe-haven demand remains strongly supported. Investors may remain on the sidelines ahead of the release of this week's PCE price index and Friday's non-farm payrolls data to get more clues about the Fed's future interest rate path, thereby better judging the further trend of gold.

Technically, gold prices remain within the rising channel since August, showing a short-term bullish trend. However, the relative strength index (RSI) on the daily chart is close to overbought conditions, indicating that the upward momentum may be limited, especially when approaching the upper limit of the $… channel. A break above this resistance level will be a strong signal for bulls and is expected to push gold prices further higher. On the contrary, if there is a pullback, the initial support is at $…-$…, below which it may further test the $…-$… and $… support levels, followed by the $… key support level. If it falls below this level, gold may further fall to $… or even $…-$….



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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
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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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