The price of gold increased during 1 December – 15 December by around 7 US dollars per ounce. Although the Fed decided to maintain the policy interest rate at 5.25%-5.50% as expected, the chairman of the Fed indicated a reduction in interest rates next year. How to send gold address? Let’s follow and see.
Mr revealed Warut Rungkham, Director of Analysis YLG Bullion and Futures Company Limited, the address.price of goldNext week with Nation Online that the price of gold from 1 December – 15 December has risen to around 7 US dollars per ounce. After the meeting Fed It was decided to keep the policy interest rate at 5.25%-5.50% as expected at last Wednesday’s meeting. This is the third time interest rates have been set.
by mr.Jerome Powell The chairman of the Federal Reserve sent a signal that the policy of raising interest rates is over. and will reduce interest rates at least 3 times, totaling 0.75% in 2024 after inflation has fallen faster than expected. However, if the Fed actually cuts interest rates in the middle of next year,There will be a positive impact on the direction of gold prices.
Positive and negative factors to follow next week
– Dollar Index Compared to the 6 main currencies in the basket of currencies tend to depreciate Respond to that prediction The yield on the 10 year US government bond will continue to fall to 3% in 2024 after i’ The Federal Reserve (Fed) has indicated that it will cut interest rates at least three times in 2024.
– Bank of Japan (BOJ) meeting. Monetary policy easing expected to end after BOJ signals end to ultra-low interest rates The BOJ governor gave the clearest indication that the BOJ would end its policy of monetary easing.
– MatterInternational tensionsMore than two-thirds of the US House of Representatives have passed the National Defense Authorization Act (NDAA) 2024, which has a record amount of US $ 886 billion. for annual military spending and approving policies such as aid to Ukraine. and countering Chinese influence in the Indo-Pacific region
for trend directionGold price next week It is expected to vary. Side up After the Fed interest rate cycle ends, the uptrend and the Fed prepare to cut interest rates next year.
side Investment strategy Gold prices may move sideways if the support zone is 2,020-2,009 US dollars per ounce. If it can stand, there is a chance that the price will rebound in the short term.
It is recommended to open a buying position to make a short term profit. If the price does not break out of the support zone, Wait to close the buy position to take profit if the price cannot rise above the resistance zone of 2,051-2,070 US dollars per ounce. The buy position minimizes losses if the price falls below 1,991 US dollars per ounce.
However, the first resistance is assessed at 2,051 US dollars per ounce. The next resistance level is 2,070 US dollars per ounce. Last resistance at 2,089 US dollars per ounce, first support at 2,009 US dollars per ounce. The next support is 1,991 US dollars per ounce. The last support is 1,972 US dollars per ounce.
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