{"id":15538,"date":"2024-10-29T02:17:41","date_gmt":"2024-10-29T02:17:41","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15538"},"modified":"2024-10-29T02:17:41","modified_gmt":"2024-10-29T02:17:41","slug":"gold-moves-with-fed-outlook-and-u-s-elections","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/gold-moves-with-fed-outlook-and-u-s-elections\/","title":{"rendered":"Gold Moves with Fed Outlook and U.S. Elections"},"content":{"rendered":"\n<p><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold edged up $2,750 per ounce, near record highs.<\/li>\n\n\n\n<li>Fed expected to cut rates by 25 basis points; decision influenced by upcoming jobs data and election outcome.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Gold prices are holding firm as market participants look forward to key U.S. economic indicators for insight into the Fed\u2019s likely policy shift.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold held a modest decline as traders prepared for key economic data that will help to set the stage for the next Federal Reserve policy decision, while the countdown to the US presidential election continued <a href=\"https:\/\/t.co\/wZnmm1xCLg\">https:\/\/t.co\/wZnmm1xCLg<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1851062395088572538?ref_src=twsrc%5Etfw\">October 29, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Gold edged slightly higher to <strong>$2,748.55<\/strong> per ounce. <\/p>\n\n\n\n<p>With a 98% probability of a 25-basis-point Fed rate cut on Nov. 6, lower rates could drive gold demand as a safe haven.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/10\/image-60-1024x442.jpeg\" alt=\"\" class=\"wp-image-15539\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Gold prices edge toward the $2,750 resistance, showing resilience as market sentiment leans bullish, as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" title=\"\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p>We&#8217;re seeing a gradual upward price movement, just shy of the <strong>$2,750<\/strong> mark.<\/p>\n\n\n\n<p>The key support level around <strong>$2,717.07<\/strong> has held, with resistance visible around the current peak of <strong>$2,750.12<\/strong>. The MA lines (5, 10, 30) show minor consolidation around these levels.<\/p>\n\n\n\n<p>A bullish momentum is indicated, with the histogram turning positive and the signal line showing an upward crossover, which often suggests potential for continued strength.<\/p>\n\n\n\n<p>The latest job openings and consumer confidence data will help gauge the U.S. economy\u2019s momentum.<\/p>\n\n\n\n<p><strong>See also: <\/strong><strong><a href=\"https:\/\/www.vtmarkets.com\/market_analysis\/week-ahead-brace-for-trump-harris-showdown\/\">Week Ahead: Brace for Trump-Harris Showdown<\/a><\/strong><\/p>\n\n\n\n<p>Recent escalations in the Middle East continue to underscore gold&#8217;s role as a crisis hedge.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Iran at disadvantage after Israel&#39;s airstrikes, Israeli defence minister says <a href=\"https:\/\/t.co\/x3iR8xPpAx\">https:\/\/t.co\/x3iR8xPpAx<\/a> <a href=\"https:\/\/t.co\/O4ZdQOAFFg\">pic.twitter.com\/O4ZdQOAFFg<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1850997239725908433?ref_src=twsrc%5Etfw\">October 28, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Israel&#8217;s <strong><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/palestinians-say-100000-residents-trapped-israels-north-gaza-assault-2024-10-28\/\">recent vote to ban UN relief<\/a><\/strong> intervention within the country could also prove to drive further movement on oil and gold. <\/p>\n\n\n\n<p>With Fed expectations firmly in place and Middle East tensions adding further uncertainty, gold continues to attract attention as a stable asset. <\/p>\n\n\n\n<p>As the election and rate cut probabilities unfold, gold&#8217;s appeal may increase, especially if economic data support lower rates. <\/p>\n\n\n\n<p><strong>Start trading now \u2014 click&nbsp;<\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong>&nbsp;to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices remain stable as traders look to upcoming U.S. economic reports and the Federal Reserve\u2019s interest rate decision. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[7],"class_list":["post-15538","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-gold"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15538"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15538\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}