Gold Market Outlook 29 February 2024

Gold Market Outlook 29 February 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 price of gold is still struggling to generate any significant momentum on Wednesday and is stuck in a trading range that has been there for several days. Growing consensus that the Federal Reserve would hold off on decreasing interest rates until the June policy meeting has helped the US Dollar regain positive momentum. This is regarded to be a headwind for the non-yielding yellow metal. In addition, the strong underlying bullish mood surrounding the world equities markets turns out to be another factor limiting the safe-haven commodity's potential. 

The two-week high that was achieved last Thursday, or near $ …, may continue to serve as an immediate barrier and limit advances for the gold price. Nevertheless, a sustained increase above this level will validate a breach of the 50-DMA barrier and open the door to further advances. The XAU/USD pair may then rise to the next significant barrier close to the $… since oscillators on the daily chart have just recently begun to show upward traction. 

However, the weekly low, which is currently located around $…, appears to be blocking the short-term decline before the 100-DMA, which is presently located around $… and the psychological $… barrier. 

Want completely chart technical analysis
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Want completely chart technical analysis
and trade recommendations on XAUUSD?

Want completely chart technical analysis
and trade recommendations on XAUUSD?

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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.

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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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