Gold Market Outlook 27 June 2024

Gold Market Outlook 27 June 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) remained near two-week lows during Thursday's European session, trading around the $2,300 mark without achieving any meaningful recovery. The Federal Reserve (Fed) maintained its hawkish stance and the assertion of only one rate cut by 2024. However, signs of easing US inflationary pressures left uncertainty about a Fed rate cut in September unresolved. This did not help the US dollar (USD) capitalise on the strong rally seen the previous day, pushing it to near two-month highs. Furthermore, subdued stock market sentiment, ongoing geopolitical tensions, and political uncertainty provided some support for safe-haven gold prices. US Q1 GDP and Personal Consumption Expenditures (PCE) Price Index will be crucial for determining the dollar's trajectory.

From a technical perspective, XAU/USD has failed twice to complete a head and shoulders pattern and has gradually formed a complex head and shoulders formation, challenging the neckline once again. Despite hovering around $…, the uptrend line has been breached. Any rebound in prices could potentially trigger a stronger bearish reversal. Only pushing prices above $… could alleviate negative sentiment towards gold. If prices fall below $…, sellers may target the $... range.


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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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