“Hua Seng Heng Gold Futures” reveals a sharp rise in gold spot prices after the Fed decided to raise interest rates by 0.25% as expected, reducing the amount of violence to curb inflation, while “Powell” admits that US inflation continues to fall. The market expects the Fed to cut interest rates twice by the end of this year. Encourages the price of gold to have a chance to continue rising As for the price of gold bars in the country, it is above 30,000 baht, the resistance range is 30,250-30,350 baht.
On 2 February, 2023, Mrs. Sirilak Pakotiprapha, Director of Analysis Department, Hua Seng Heng Gold Futures Company, in the program “Hua Seng Heng Morning News 0-202-2566” (https://www.facebook.com/hshsocial/videos/896597918035727/) that the spot price gold last night rose more than $21, closing the market at $1,950 an ounce.
The US Federal Reserve (Fed) has agreed to raise interest rates by 0.25% to 4.50%-4.75%, in line with market expectations. But the issue that raised gold was a statement from the Chairman of the Fed Jerome Powell, who said that inflation in the United States has continued to decline. while starting to see inflation at a low level But it is only in its early stages. It is too early to declare victory in the fight against inflation.
“There was a question as to whether it was possible to lower interest rates this year. The Fed chairman may say neutrally that he does not expect the Fed to cut interest rates this year. The market may be estimating that US inflation will fall more than the Fed expects. But if inflation falls quickly it also opens the way for the Fed to cut interest rates This point makes me think gold should rise.”
In addition, the chairman of the Fed answered that Interest rates will be below 5% or not, whether there is a possibility, which at the moment the market estimates, at the Fed meeting in March, that the Fed raises interest rates by 0.25% again, after which it may freeze interest At the next 5% level, in the fourth quarter, there may be two interest rate cuts of 0.25%, making the Fed interest rate at the end of the year likely to be 4.5%, the same as last year.
Mrs Sirilak also said that the SPDR Gold Trust fund bought 1.44 tonnes of gold yesterday.
Tonight’s trend Need to keep track of the weekly number of US jobless claims. and factory orders in December, which the market expects to improve. This will lead to some gold prices falling. but not very likely
“Gold Price Trends Now I might get a positive feeling. As the Fed delays raising interest rates and hopes that the Fed may cut interest rates this year. Gold could rise to the resistance of $1,960 and the next resistance of $1,970, but profits are still needed to support $1,930 and $1,920.”
As for the price of gold bars yesterday, it changed 2 times, last selling at 29,950 baht per baht, gold increased by 150 baht, giving support at 2,950 baht and next at 29,850 baht, and resistance at 30,250 baht and next at 30,350 baht.
“Gold bars, it can be seen that the price has already risen above 30,000 baht. if a long-term investment it can continue to hold But if playing short-term speculation You may have to look at the zone near 30,350 baht, then sell and make a profit. Then buy a new round, you may look at the Spot gold directly near $ 1,920-1,930, but if it is a long-term investment, you may look at the zone near $ 1,900.
The Director of Analysis, Hua Seng Heng Gold Futures Co, Ltd, said for the baht yesterday, it strengthened by 0.16 baht, closing at 32.70 baht / dollar, which direction could be stable. Not much has changed in the short term. But this year, the direction is definitely appreciative. with support for the baht at 32.40 baht/dollar and resistance at 33.20 baht/dollar
