Gold Market Outlook 13 November 2024

Gold Market Outlook 13 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 (XAU/USD) gained some traction during the Asian session on Wednesday, recovering from a three-day losing streak that brought the metal to its lowest level since September 20, around the $… mark. This slight rebound lacks any specific fundamental drivers and is likely due to traders adjusting positions ahead of the U.S. consumer inflation report. The inflation data is critical, as it may shape expectations about the Federal Reserve’s rate-cut trajectory, potentially impacting the demand for non-yielding assets like gold. 

In the broader market context, the U.S. Dollar has entered a consolidation phase near its highest level since early May, following recent strength. This USD strength, combined with concerns over U.S. President-elect Donald Trump’s protectionist trade policies, is raising fears of global economic impact, creating demand for safe-haven assets like gold. Additionally, weakness in equity markets has further supported gold prices amid this risk-off sentiment. However, the upside for gold remains limited, as Trump’s anticipated expansionary fiscal policies could drive inflation higher, which in turn may reduce the likelihood of aggressive Fed rate cuts. Consequently, while gold may benefit from short-term safe-haven demand, expectations of persistent inflation could cap significant gains. 

From technical perspective, after three days of decline, this indicates a possible retracement or correction in XAU/USD after hitting a support level around $…, aligned with the October low. If the price continues to decline and breaks the support at $…, which aligns with the 100-day Simple Moving Average (SMA), it may suggest a further bearish move in the short to medium term. Conversely, if the price reaches the resistance level of $…, aligning with the 50-day SMA, it may indicate that gold has already completed its retracement and resumed a bullish trend. Upon reaching this level, the price could potentially target the yearly high of $…. 



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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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