Gold Market Outlook 24 December 2024

Gold Market Outlook 24 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

The gold market is navigating a complex fundamental landscape as we approach year-end 2024, with prices responding to multiple significant catalysts. The Federal Reserve's recent monetary policy decision, marking the third consecutive rate cut, has established a delicate balance in market dynamics. This policy shift, coupled with President-elect Trump's proposed tariff plans, has intensified market uncertainty, driving safe-haven demand. The geopolitical landscape, particularly the ongoing Russia-Ukraine conflict and Middle Eastern tensions, continues to provide underlying support for gold prices. However, the market faces headwinds from the Fed's cautious approach to future rate cuts, as inflation remains sticky above the 2% target. The recent uptick in US Treasury yields and corresponding dollar strength have created technical resistance levels, particularly evident in the declining volume patterns observed during recent rally attempts.

The technical framework reveals a multi-layered support and resistance structure. The primary support zone centres around the 100-day Exponential Moving Average at $..., with secondary support at the monthly low of $..., where significant buying interest has emerged. The final support level sits at $..., coinciding with the mid-November swing low. On the upside, immediate resistance stands at $..., with further barriers at $... (61.8% Fibonacci retracement) and $... (previous high). On the upside, immediate resistance stands at the 20-day Exponential Moving Average of $..., reinforced by the 38.2% Fibonacci retracement level. A successful breach could target the secondary resistance at $... (61.8% Fibonacci retracement), with final resistance at $... (previous high). The Average Directional Index reading of ... suggests decreasing trend strength, while volume profile analysis shows major liquidity nodes at each support level, particularly around $.... Momentum indicators, with the Positive Directional Indicator at ... versus Negative Directional Indicator at ..., suggest sustained bearish pressure, though this could quickly reverse on a break above the primary resistance.

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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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