{"id":14449,"date":"2024-10-11T08:24:58","date_gmt":"2024-10-11T08:24:58","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=14449"},"modified":"2025-02-16T10:55:27","modified_gmt":"2025-02-16T10:55:27","slug":"forex-market-analysis-11-october-2024","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/analysis\/forex-market-analysis-11-october-2024\/","title":{"rendered":"Forex market analysis: 11 October 2024"},"content":{"rendered":"\n

Gold prices kept rising on Friday as expectations grew for a Federal Reserve rate cut, and tensions in the Middle East pushed more investors to seek safety in the metal. Spot gold gained 0.5%, while futures followed with similar increases, despite a slight drop earlier in the week. Technical indicators show the market\u2019s strength could continue, helped by a weaker dollar and concerns over inflation. Silver, platinum, and palladium also edged higher, though some metals are still set for weekly losses.<\/p>\n\n\n\n

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Gold extends gains as fed rate cut expectations rise<\/strong><\/h1>\n\n\n\n

Gold prices continued their upward trend on Friday, supported by growing expectations of a Federal Reserve rate cut next month.<\/p>\n\n\n\n

Spot gold increased by 0.5%, closing at USD 2,644.33 per ounce, while US gold futures rose by 0.7%, reaching USD 2,658.90.<\/p>\n\n\n\n

Despite a brief dip earlier in the week, the market remains strong after hitting a high of USD 2,685.42 last month.<\/p>\n\n\n\n

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Technical indicators suggest further upside<\/strong><\/h1>\n\n\n\n

The chart shows steady gains, with gold opening at USD 2,629.81 and reaching an intraday high of USD 2,638.04.<\/p>\n\n\n\n

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Gold price chart showing steady gains with bullish momentum, supported by moving averages and positive MACD signals, as seen on the VT Markets app<\/a>.<\/figcaption><\/figure>\n\n\n\n

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Technical indicators, such as the 5, 10, and 30-day moving averages, signal continued bullish momentum, pointing to the potential for further upward movement.<\/p>\n\n\n\n

Gold\u2019s strength has been underpinned by a drop in the dollar index from its two-month high, making the metal more appealing to investors holding non-US currencies.<\/p>\n\n\n\n

On Thursday, data revealed that US consumer prices rose slightly more than expected in September, while jobless claims surged to 258,000, surpassing the forecast of 230,000.<\/p>\n\n\n\n

Attention now turns to the US Producer Price Index (PPI) report, set to be released today, which could further impact gold prices.<\/p>\n\n\n\n

The chart suggests prices are nearing a resistance level, with bullish MACD indicators showing that buyers remain dominant.<\/p>\n\n\n\n

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Geopolitical tensions fuel safe-haven demand<\/strong><\/h1>\n\n\n\n

Meanwhile, rising tensions in the Middle East have further boosted demand for gold as a safe-haven asset during periods of geopolitical instability.<\/p>\n\n\n\n

Israeli strikes on central Beirut have heightened concerns, adding to gold\u2019s appeal.<\/p>\n\n\n\n

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Israeli strikes kill 22 in Beirut as Hezoballah leader evades assassination https:\/\/t.co\/QfYCjWLZnY<\/a> pic.twitter.com\/L2EPgtOBCl<\/a><\/p>— Reuters (@Reuters) October 11, 2024<\/a><\/blockquote>