Gold Prices Rise as Baht Appreciates and Foreign Markets Reach Resistance Level
The gold market closed today with a 50 baht increase, pushing foreign gold prices to $1,980 per ounce. The appreciation of the baht has caused domestic prices to rise, albeit not significantly.
On Wednesday (July 19, 2023), the Gold Traders Association announced that gold prices fluctuated throughout the day, adjusting six times. The market closed with a 50 baht increase, while foreign gold prices approached the resistance level. Traders are now waiting for new factors to emerge after a month-long rally, with the Federal Reserve (Fed) meeting scheduled for next week.
Current Buying and Selling Prices
- Gold bars: Buy back at 31,800.00 baht/gold baht, sell out at 31,900.00 baht/gold baht
- Gold ornaments: Buy back at 31,229.60 baht/gold baht, sell out at 32,400.00 baht/gold baht
The domestic gold price refers to the spot market at $1,980.50 per ounce, with an exchange rate of 34.00 baht per dollar.
Today, domestic gold prices increased by 100 baht, following the same direction as foreign markets. The strengthening of the baht, falling below 34 baht, suggests that the Fed is expected to raise interest rates once this year.
Gold Futures and Expectations
The gold futures market is currently above the resistance level of $1,980 per ounce. This follows market expectations of the Fed halting its interest rate hikes.
The global gold market has experienced a steady rise for over a month due to a weak dollar and a decline in US bond yields. Investors anticipate that the US Federal Reserve will cease raising interest rates during its July 25-26 meeting.
The release of US economic numbers last week confirmed a slowdown in the economy and a decrease in inflation. As a result, the Fed decided to halt interest rate hikes due to the potential negative impact on the economy.
Hua Seng Heng gold shop suggests that the upward trend in gold prices will continue as investors anticipate the end of the rate hike cycle by the Fed.
Throughout the day, spot gold prices continued to rise, attributed to a weak dollar and lower US bond yields. Weaker US economic data further fueled speculation that the Fed would cease raising interest rates. It is expected that the Fed may raise interest rates by 0.25% to a range of 5.25-5.50% at its meeting next week, marking the final increase in the current cycle of monetary policy tightening. Meanwhile, the International Monetary Fund (IMF) has stated that global economic growth prospects remain weak in the medium term.
Economic Numbers to Follow
Tonight, the United States will release house building permits for the month of June. The market expects stability at 1.49 million units, while construction is predicted to decrease to 1.48 million units from 1.63 million units.
Gold Price Trend
The gold price trend is projected to continue rising in the short term. Gold has support levels at $1,970 (GF10Q23 31,910 baht) and $1,960 (GF10Q23 31,820 baht), with resistances at $1,984 (GF10Q23 32,250 baht) and $1,930 (GF10Q23 Futures). Additional support lines are observed at $1,995 and $1,985, while resistance levels exist at $2,009 and $2,015.
Investment Strategy
Speculative buying is advised, with attention to the gold price around $1,970 (GF10Q23 31,910 baht). A sell point to limit losses is recommended at $1,960 (GF10Q23 31,820 baht).
Investing in Online Gold is recommended for speculative purposes. The contract price of GOU23 is around $1,995, with a sell point to minimize losses at $1,985.
World Gold Price
Support levels are observed at $1,970 and $1,960, while resistance levels exist at $1,984 and $1,990.
96.5% Gold Bar Price
Support levels are set at 31,800 and 31,700 baht, with resistance levels at 32,000 and 32,100 baht.
Gold prices today closed the market up 50 baht, foreign prices touched 1,980 dollars / ounce. Although the baht appreciated Causing domestic prices to move up not much
The Gold Traders Association announced the gold price on Wednesday (July 19, 2023), fluctuating, adjusted 6 times, the market closed, moved up 50 baht, foreign gold prices moved to the resistance level, waiting for new factors after a strong run for more than a month. Stay tuned for the Federal Reserve (Fed) meeting next week.
Gold bars buy back 31,800.00 baht/gold baht and sell out 31,900.00 baht/gold gold ornaments buy back 31,229.60 baht/gold baht and sell out 32,400.00 baht/gold baht
domestic gold price Refer to the spot market at $1,980.50/oz. and based on Thai baht, 34.00 baht / dollar
gold price today Domestic gold increased by 100 baht, in the same direction as foreign countries.
The baht strengthened, falling below 34. The Fed is expected to raise interest rates once this year.
Gold futures stand above the resistance of 1,980 dollars / ounce. After the market expected the Fed to stop raising interest rates
The price of gold in the world market has risen. Peaking for more than a month. This was driven by a weak dollar and a slowdown in US bond yields. Investors expect the US Federal Reserve (Fed) to stop raising interest rates at its July 25-26 meeting.
US economic numbers were released last week. showed that the US economy was slowing down and inflation fell Causing the Fed to stop raising interest rates. due to the impact of the recent increase in the interest rate starting to have a serious impact on the economy.
Hua Seng Heng gold shop Look at the trend of gold prices to continue to rise The price of gold continues to rise. Investors expect the Fed to end its rate hike.
Spot gold prices continued to rise during the day. from a weak dollar and lower US bond yields. after weak US economic data caused investors to speculate that the Fed was about to stop raising interest rates. It is expected that the Fed may raise interest rates by 0.25% to a range of 5.25-5.50% at its meeting next week. And this will be the last increase in the current cycle of monetary policy tightening, while the IMF has indicated that the prospects for global economic growth in the medium term remain weak.
Economic numbers to follow Tonight the United States will release house building permits for the month of June. The market is expected to stabilize at 1.49 million units and start construction in June. The market is expected to decrease to 1.48 million units from 1.63 million units.
gold price trend
The gold price trend is expected to continue rising In the short term, gold has support at $1,970 (GF10Q23 31,910 baht) and $1,960 (GF10Q23 31,820 baht), and resistance at $1,984 (GF10Q23 32,250 baht) and $1,93,030 baht Golds (GF10Q23 Futures). , there is a support line of $1,995, and $1,985, while resistance is at $2,009 and $2,015.
investment strategy Speculative buying is recommended Note the price of gold around $ 1,970 (GF10Q23 31,910 baht) with a sell point to cut a loss at $ 1,960 (GF10Q23 31,820 baht).
Investing in Online Gold is recommended to buy for speculation. The contract price of GOU23 is around $1,995, with a sell point to break loss at $1,985.
world gold price
Support $1,970 and $1,960 Resistance $1,984 and $1,990
96.5% gold bar price
Support 31,800 and 31,700 baht Resistance 32,000 and 32,100 baht
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