Gold Market Outlook 04 November 2024

Gold Market Outlook 04 November 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 prices rose slightly in early European trading on Monday, supported by safe-haven demand. Uncertainty over the approaching U.S. presidential election and ongoing geopolitical tensions in the Middle East provided support for gold, a traditional safe-haven asset. In addition, the Federal Reserve is expected to implement a 25 basis point rate cut at its meeting on Thursday, rather than a larger rate cut, which also provided some support for gold. However, the strong performance of the U.S. dollar and rising U.S. Treasury yields may limit the upside for gold prices, as higher yields reduce the appeal of non-yielding assets such as gold. The market will closely watch the results of the U.S. election and the Fed's policy statement for further guidance.

From a technical perspective, gold prices remain above the key 100-day exponential moving average (EMA), indicating a long-term bullish trend. The 14-day relative strength index (RSI) on the daily chart is above the 50 midline and close to 60.20, suggesting that support is expected to hold and remain solid. If gold prices continue to rise and break through the psychological resistance of the $…-$… area, further gains towards $… may be possible.

On the other hand, if gold prices stabilize below $… (October 24 low), it may trigger a larger correction, targeting the September 30 low of $…, or even a test of the $… round mark. Investors should pay close attention to key support and resistance levels to confirm the future direction of the trend.

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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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