Gold Market Outlook 15 April 2024

Gold Market Outlook 15 April 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

Middle East geopolitical problems don't seem to be going away, which is said to be one of the main reasons why safe-haven precious metal is doing well. Further supporting the non-yielding yellow metal is the assumption that major central banks may lower interest rates this year. 

However, bulls are relatively unfazed by robust follow-through purchases of the US dollar, supported by anticipations that the Federal Reserve may maintain higher interest rates for an extended period of time, which tends to erode the price of gold, which never yields. Although overbought conditions may limit gains, even a generally upbeat tone surrounding the equity markets does little to impede the current advance. This suggests that the path of least resistance for the XAU/USD is to the higher.

From a technical perspective, the strong positive momentum remains uninterrupted despite the extremely overbought Relative Strength Index on the daily chart. Bulls, however, might opt to take some profits near the $… mark heading into the weekend, warranting some caution before positioning for any further appreciating move. Any meaningful corrective slide below $… area, however, is likely to find decent support near the $… region. Some follow-through selling could expose the next relevant support near the $… before the gold price eventually drops to the $… neighbourhood, or the weekly low.

Want completely chart technical analysis
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Want completely chart technical analysis
and trade recommendations on XAUUSD?

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and trade recommendations on XAUUSD?

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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; 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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