Gold Market Outlook 16 December 2024

Gold Market Outlook 16 December 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) remain subdued near a one-week low amid expectations of a less dovish Federal Reserve, with investors anticipating a cautious stance on rate cuts next year due to stalled progress in reducing inflation to the 2% target. This has kept US Treasury yields elevated, pressuring the non-yielding metal. While geopolitical tensions, including escalating violence in Gaza, Israeli airstrikes in Syria, and NATO warnings about Russian ambitions in Europe, provide some support to gold as a safe-haven asset, traders are awaiting Wednesday's crucial FOMC decision for further direction. The CME Group’s FedWatch Tool indicates a 93% likelihood of a 25-basis-point rate cut, but recent inflation data has tempered expectations of aggressive monetary easing. Monday’s release of global flash PMIs may offer near-term trading opportunities while broader focus remains on the Fed's policy outlook. 

From a technical perspective, gold prices are navigating a key support-resistance range. The price around $… aligns with a congestion zone, and sustained selling pressure could push prices toward $…, with further downside potential targeting the monthly low of $… and the pivotal $… support zone. A decisive break below $… would signal fresh bearish momentum. Conversely, resistance lies at $… supported by 55-days Simple Moving Average. A break above these levels could pave the way for a climb toward the $… mark and possibly the monthly swing high of $…, clearing which would signal a stronger near-term bullish trend. 



Want completely chart technical analysis
and trade recommendations on XAUUSD?

Want completely chart technical analysis
and trade recommendations on XAUUSD?

Want completely chart technical analysis
and trade recommendations on XAUUSD?

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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
(Privacy Policy & Risk Disclosure) before you acquire any product.

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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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