Gold Market Outlook 15 July 2024

Gold Market Outlook 15 July 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 continued their strong momentum today amid expectations of a Fed rate cut and uncertainty in the global economy. Market expectations are growing that the Fed will cut interest rates in September and December. According to the latest market data, the probability of the Fed cutting interest rates in September has exceeded 90%. While the dollar attracted some buying on Monday and rebounded from a three-month low, gains were limited. The weakness of the US dollar is due to dovish expectations from the Federal Reserve, which further enhances the appeal of gold. Any rebound in the dollar would weigh on gold prices, but the current market environment suggests that the upside for the greenback is limited. Us PPI data for June, released on Friday, came in higher than expected, but did not significantly change market expectations for a Fed rate cut. In addition, the Bureau of Labor Statistics data showed that the overall consumer price index (CPI) fell 0.1% in June from the previous month, the lowest level in more than three years. The market will closely watch the upcoming U.S. Empire Manufacturing Index and the speech of Federal Reserve Chairman Jerome Powell for more market clues.

From a technical perspective, the oscillators on the daily chart remain in positive territory and have not entered overbought territory, indicating that the overall uptrend remains solid despite the possibility of a pullback in the short term. The Relative Strength Index (RSI) also suggests that gold's upward momentum remains strong. Gold prices have found strong support near $…, and a pullback below that level could be seen as a buying opportunity. Further support is in the $…- $… area. On the upside, $… is a key near-term resistance level, and if gold breaks above that level, it could usher in a new wave of gains aimed at the all-time high of $… reached in May.

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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
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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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