Gold Market Outlook 02 February 2024

Gold Market Outlook 02 February 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

When the important US labour market data is released, gold traders should prepare for a jump in volatility. The NFP figure is predicted to come in at 180K for January, and average hourly earnings are predicted to rise at an annual rate of 4.1% during that time. The US Federal Reserve's reluctance to cut interest rates early is expected to be supported by a stronger-than-expected NFP print and unexpectedly positive wage inflation data. This will likely give US Treasury bond yields a boost and push the US Dollar back toward multi-week highs versus its major peers.

Technically speaking, bulls may now hold off on making new bets until they see some follow-through buying above the $… region or until a one-month high was touched on Thursday. The daily chart's oscillators have only recently begun to show signs of strength, so the price of gold may then pick up speed and move closer to $… which is the January peak.

Conversely, the 50-DMA which is currently positioned close to the $…, appears to be protected from the immediate downside by the strong horizontal resistance breakpoint around $... In order to reach the psychological $… level, the price of gold might be driven to $… by a strong break below the latter.


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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; ETO Group Pty Ltd., ABN 66 155 680 890, is a financial services company and regulated by Australia Securities & Investments Commission (ASIC), AFSL No. 420224.
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; ETO Group Pty Ltd., ABN 66 155 680 890, is a financial services company and regulated by Australia Securities & Investments Commission (ASIC), AFSL No. 420224.
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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