Gold Market Outlook 08 November 2024

Gold Market Outlook 08 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 hover around $… in Friday's Asian trading session, consolidating after two volatile days influenced by Donald Trump's re-election and the Federal Reserve's monetary policy announcements. Trump's victory initially weighed on gold as his inflation-boosting policies strengthened the US Dollar (USD) and Treasury yields, which pressured the non-yielding metal. However, gold rebounded after the Fed’s rate cut by 25 basis points to a range of 4.50%-4.75% and Fed Chair Jerome Powell’s commitment to a gradual easing cycle, which triggered USD selling. Despite the recovery, the market's renewed optimism about Trump’s policies supports the USD, posing a headwind for gold. Investors now look to US consumer sentiment, inflation expectations, and upcoming CPI data for further direction.  

From a technical perspective, gold’s recovery faces resistance near the $… level, the 50% Fibonacci retracement of its recent decline from an all-time high. A break above this point could lead to further gains toward $… (61.8% Fibo level) and possibly beyond $…, targeting the $…-… zone, which includes the record high from October 31. On the downside, immediate support is at $…, with further support at $… and the 50-day SMA around $…. A break below this SMA could intensify bearish momentum, potentially driving gold towards the October swing low near $…-…, as daily chart oscillators show weakening bullish traction.



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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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