Gold Prices Show Resilience as Dollar Index Plateaus
The price of gold has rebounded by $9.58 as buyers employ strong purchasing techniques amid lower-than-expected US homebuilder confidence.
Gold remains steady, supported by the limited and stagnant movement of the dollar index ahead of the Federal Reserve meeting on Wednesday night.
The dollar is facing pressure from Goldman Sachs, who anticipate stability in the Japanese yen.
Furthermore, gold has received a boost from the Home Builders Confidence Index released by the NAHB, which reveals a negative outlook for the first time in seven months with a score of 45, below the critical threshold of 50.
However, gold’s rally is being constrained due to the surge in crude oil prices, with WTI surpassing $91, potentially driving inflation.
Analysis and Recommendations
Despite yesterday’s record-high for gold prices, selling pressure has continued to exert downward force, indicating short-term selling pressure.
If the crucial resistance level is tested within the range of $1,946-$1,953 per ounce, failure to break through suggests opening a selling position.
Alternatively, if gold fails to surpass this level, it may lead to a strengthening of buying pressure. Support can be found within the range of $1,901-$1,884 per ounce.
For those in a short position, it is advisable to gradually close it to secure profits. Maintaining a short position will help minimize losses if gold surpasses $1,953 per ounce.
This article was produced by YLG Bullion International.
For more information, please contact 02-687-9888 (press 1) or visit ylgbullion.co.th.
Highlight essentials
• Gold regains $9.58!! Get strong buying techniques + Q. US homebuilder confidence is lower than expected!!
• Gold has support, keeping prices stable. From the increase in the dollar index which has started to be limited and move to the side, waiting for the Fed meeting on Wednesday night.
• The dollar is under pressure from “Goldman Sachs” expecting the Japanese yen to be stable.
• In addition, gold also received support from NAHB revealing that the Home Builders Confidence Index fell to 45, which is below 50, the first negative view in 7 months.
• However, gold’s rally is limited. Because there is pressure from Crude oil prices surged after WTI passed $91, which can be a factor in driving inflation.
Council
• Although yesterday the price of gold set a new high since the previous day. But when the price rose, there was still selling pressure to put pressure on the price. Indicates short-term selling pressure
• If the important resistance level is tested, it will be in the zone of 1,946-1,953 dollars per ounce. fail to pass Recommend opening a sales site
• If it does not pass, it may see weakening to build up buying pressure. While the support is in the area of 1,901-1,884 dollars per ounce.
• If you can stand, gradually close the short position to profit. A short position minimizes losses if the price passes $1,953 per ounce.
This article was produced by YLG Bullion International.
For more information, contact 02-687-9888 press 1 or the website ylgbullion.co.th
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