Gold Market Outlook 14 August 2024

Gold Market Outlook 14 August 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 gold market is affected by multiple factors, and the trend of gold price shows certain fluctuations. First, the positive tone in global equity markets dented risk aversion, causing gold prices to fall slightly for the second day in a row. However, concerns about the heightened situation in the Middle East and expectations that the Federal Reserve may cut interest rates further in September provided support for gold prices. Weaker-than-expected US producer price data reinforced expectations of an imminent easing cycle by the Federal Reserve, weighing on the dollar and helping to limit the extent of the fall in gold prices. In addition, the dollar has shown weakness recently, hovering near its lowest level in more than a week. As the market focus shifts to the upcoming release of the US Consumer Price Index (CPI), it is expected that a further decline in the inflation data will strengthen the expectation of a rate cut by the Federal Reserve, thus further supporting gold prices. Traders took a cautious approach ahead of the CPI release, leading to an increased wait-and-see mood.

From a technical point of view, gold prices have recently gained support from the 50-day simple Moving average (SMA), and oscillators on the daily chart also indicate that bullish momentum remains. Gold near the $…- $… resistance level has the potential to attract bargain hunters, and there is the potential to retest the all-time high of $…-… set in July. A break above that level could further challenge the psychological $… barrier and set the stage for a new rally. However, if gold fails to hold above the current support levels, especially the 50-day SMA support in the $…-… area, it could face more downward pressure in the near term. The next important support area is located near the 100-day SMA support at $…-…, and a break below this level could see gold continue to retreat to the $…-… area and open room for further declines.

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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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