Gold Market Outlook 17 September 2024

Gold Market Outlook 17 September 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) fell slightly ahead of the Federal Open Market Committee (FOMC) policy meeting as bulls turned cautious and awaited the Federal Reserve's decision to cut interest rates. The Fed is widely expected to slash interest rates by 50 basis points, weakening the dollar and contributing to a sustained rally in gold prices. At the same time, global geopolitical risks and concerns about China's economic slowdown have also supported safe-haven gold, further limiting the downside of gold prices.

Although gold prices have eased slightly from record highs, the upcoming policy easing by the Federal Reserve and the decline in US bond yields have been strongly supportive of gold. In addition, political uncertainty in the United States and tensions in the Middle East, such as Hamas's threat to escalate the hostage crisis, and Trump's assassination attempt, continue to boost risk aversion.

From a technical point of view, the price of gold shows the potential for further gains after the recent break above the resistance level of $…- $…. However, the Relative Strength Index (RSI) on the daily chart is close to overbought territory, suggesting the bulls may be under some pressure. The key resistance level for gold is currently at the round $… mark, and if it can break through, the next upside target could point to the uptrend channel resistance of $…- $….

On the downside, the $… support area should attract bargain hunters with further support in the $…-… area. A break below this support could trigger a technical sell-off and bring prices back down to the psychological $… level or even down to the $… support level.

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?

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
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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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