Gold Market Outlook 26 November 2024

Gold Market Outlook 26 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 (XAU/USD) dropped over 3% on Monday, erasing much of last week’s gains, amid optimism over Scott Bessent’s nomination as US Treasury Secretary and reports of a potential Israel-Hezbollah ceasefire, which fueled risk-on sentiment and overshadowed a weaker US Dollar. However, the decline halted near $2,625 on Tuesday as safe-haven demand revived following US President-elect Donald Trump’s tariff threats. Mixed signals from Federal Reserve officials and scaled-back expectations for a December rate cut added volatility, with higher US Treasury bond yields and USD strength likely capping gold's upside. On the other hand, heightened geopolitical tensions in Gaza and Lebanon, along with concerns over Trump’s tariff policies, increase the supported gold demand. Market focus now shifts to FOMC meeting minutes, US Q3 GDP revisions, and the PCE Price Index for clues on future Fed policy and USD direction. 

From a technical perspective, gold price bounce from the previous Monday drop and hovered near $… facing strong resistance at the $… zone. This area, marked by the 100-period SMA is a pivotal point; sustained movement above it could spark a short-covering rally towards $… and the recent swing high near $…-…. On the downside, the $… level remains critical support, with a break exposing the 100-day SMA around $…. Further declines could target the monthly low at $…-…, with a decisive breach signaling a deeper bearish move and a continuation of the retracement from October's all-time high of $….  




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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