Gold Market Outlook 20 September 2024

Gold Market Outlook 20 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 have approached the $2,600 mark this week on the back of a weaker dollar and expectations of a rate cut by the Federal Reserve, and are poised for further gains. The Federal Reserve slashed interest rates by 50 basis points on Wednesday and is expected to cut them again before the end of the year, a policy that has boosted demand for gold. In addition, concerns about the global economic slowdown, especially the uncertain economic outlook in the United States and China, coupled with geopolitical risks in the Middle East, further support gold as a safe-haven asset.

Despite the increased risk appetite in the market, gold prices remain supported by the dovish stance of the Federal Reserve and global political instability. Asian central banks and Russia have continued to buy gold to reduce their reliance on the dollar, which has also fueled expectations of higher prices. From a technical point of view, gold is expected to break through the key resistance level of $… and continue to climb towards the $…- $… area. A break below $…-… could lead to a pullback to the psychological level of $…, but the overall uptrend remains solid.



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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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