Gold Market Outlook 04 June 2024

Gold Market Outlook 04 June 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

The sluggish U.S. ISM Manufacturing PMI data reflects a slowdown in U.S. business activity, strengthening expectations for a Federal Reserve rate cut. Two consecutive months of contraction have led to a decline in U.S. Treasury yields, with the 10-year Treasury yield falling by 11 basis points, and the dollar index also dropping to 104. Consequently, gold prices turned from a decline to a rise yesterday.

On the geopolitical front, Hamas agreed to the ceasefire proposal put forth by the Biden administration, but Israeli Prime Minister Netanyahu appears to disagree and has emphasized the conditions for ending the war. Any further conflict could lead to a surge in gold prices.

Gold prices have stabilized around $... If they can break through the resistance of the 20-day Simple Moving Average (SMA-20) at $…, it could attract bullish traders and push the price up to the intermediate level of $…, followed by a potential breakthrough to $… and a challenge to the historical peak set in May. Conversely, the 50-day Simple Moving Average (SMA-50) at $… is providing new support for gold prices, followed by the overnight swing low of the $… region. A convincing break below this level could give bearish traders the momentum to challenge the May low of $... 

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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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