Gold Market Outlook 25 November 2024

Gold Market Outlook 25 November 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 fell sharply from a three-week high on Monday and are now fluctuating around the mid-$2,600 region, ending a five-day winning streak. The main driver was improved risk sentiment, as US President-elect Trump nominated Scott Bessent as Treasury Secretary, easing market concerns about policy uncertainty. In addition, reports that Israel and Lebanon's Hezbollah were close to reaching a ceasefire agreement further boosted investor confidence.

At the same time, the market expects that Trump's economic policies may trigger inflationary pressures, which limits the Fed's room for further rate cuts, thereby suppressing the price of non-yielding gold. However, the significant decline in US Treasury yields after Bessent's nomination and the dollar's pullback from a two-year high have provided some support for gold's decline. This week, the focus of the market will include the minutes of the Federal Reserve's November meeting and the core PCE data, which will provide more guidance on the path of monetary policy.

From a technical perspective, the price of gold has fallen below the 23.6% Fibonacci retracement level ($…) during the pullback and is approaching the 100-period simple moving average (SMA) at $…-$…. If the price continues to fall below the key support level of $… (38.2% Fibonacci retracement level and 100-period SMA), it may further decline to $… (50% Fibonacci retracement level) and $…-$… area (61.8% Fibonacci retracement level). On the contrary, if the price re-breaks $… and holds, it may rise to test the psychological level of $… and the short-term resistance area of ​​$…-$…, with further upside targets of $… and the all-time high of $….




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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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