Gold Market Outlook 28 October 2024

Gold Market Outlook 28 October 2024

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Article by: ETO Markets

From a fundamental perspective, gold prices fell at the start of the week, mainly due to the continued strength of the US dollar and the further rise in US Treasury yields. Behind this is the market's expectation that the Federal Reserve may implement a small interest rate cut, as well as a new round of concerns about the possibility of an increase in the US fiscal deficit. Nevertheless, the downward pressure on gold is supported by the safe-haven demand brought about by the tension in the Middle East and the uncertainty before the US presidential election. At the same time, important US economic data to be released this week, including the third quarter GDP report, the core PCE price index and non-farm payrolls data, also made the market cautious, making the fluctuation of gold prices relatively limited.

From a technical perspective, gold prices have failed to break through the resistance of the $…-$… area in the past week, showing the weakness of bullish forces and uncertainty in the market direction. In the short term, if gold prices continue to fail to break through the above resistance, it may trigger a further correction, with the support below in the $…-$… area. If this support level is broken, gold may accelerate the correction to $… and even test the $… and $…-$… levels. However, if gold breaks out and sustains above $…, it is expected to retest the historical high and may further move towards the $… and $… levels. Investors should wait for clear technical signals to confirm the recent trend direction before entering a trade.

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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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