The price of gold is currently trading within a range of $1,945 to $1,960, indicating a sideways trend in the market. According to Hua Seng Heng Gold Futures Co, Ltd, the stability of gold prices is attributed to the dollar remaining steady. The recent weak performance of China’s second quarter GDP, which grew by 6.3% – below market expectations, has been influenced by sluggish demand domestically and internationally. Consequently, JPMorgan has revised its forecast for China’s economic growth to 5% for this year, down from the previous estimate of 5.5%. Additionally, SPDR funds have sold 1.73 tonnes of gold.
Looking ahead, the US is set to release June retail sales figures tonight. It is anticipated that there will be a 0.5% increase compared to May’s 0.3% rise. Furthermore, industrial production in June is expected to have no change, following a 0.2% decline in the previous month.
In terms of the gold price trend, analysts predict that spot gold prices will remain within the range of $1,940 to $1,960. However, caution is advised as there may be selling pressure if the US retail sales data for June performs well. In the short term, support levels are at $1,940 and $1,935, while resistance is at $1,960 and $1,967. Notably, the $1,967 mark is a key resistance level, representing the peak of gold prices recorded on June 16.
World Gold Price
- Support: $1,940 and $1,935
- Resistance: $1,960 and $1,967
96.5% Gold Bar Price
- Support: 31,900 and 31,850 baht
- Resistance: 32,100 and 32,150 baht
Golden Future (GF10Q23)
- Support: 32,170 and 32,110 baht
- Resistance: 32,310 and 32,390 baht
Investment Advice
We suggest a speculative buy at around the $1,940 (GF 32,170 baht) price, with a sell point to cut losses at $1,935 (GF 32,110 baht).
Gold Future Online (GOU23)
- Support: $1,965 and $1,960
- Resistance: $1,985 and $1,992
Investment Advice
We recommend a speculative buy at $1,965, with a sell stop loss set at $1,960.
USD Futures (USDU23)
- Support: 34 baht
- Resistance: 34.70 baht
Investment Advice
After a slight depreciation, the baht is expected to experience limited depreciation in the short term, as the USDU23 contract resists at 34.70 baht / dollar and finds support at 34 baht / dollar.
Future of Online Money (SVFU23)
- Support: $24.80
- Resistance: $25.60
Investment Advice
Following a rise in silver prices, it is anticipated that the upward trend will continue. Investors are advised to open a long position with the SVFU23 contract at $24.80, as it finds support at the same level and resistance at $25.60.
Gold prices are moving within the range of $1,945-1,960. Gold market trends sideways. Tonight, the US will reveal June retail sales.
Analysis of gold price trends, Hua Seng Heng Gold Futures Co, Ltd said that gold prices moved in the range of 1,945-1,960 dollars, closing the market stable. and the dollar remained stable. After the weakest in more than a year, while China’s second quarter GDP rose 6.3%, below market expectations. It was affected by sluggish demand from within and outside the country. As a result, JPMorgan cut its forecast for China’s economic growth to 5% this year from 5.5% previously, while SPDR funds sold 1.73 tonnes of gold.
Economic numbers to follow
Tonight, the US will release June retail sales. The market is expected to increase by 0.5% from a 0.3% increase in May and industrial production in June. The market is expected to increase 0.0% from a 0.2% decline in May.
gold price trend
Spot gold price trends are expected to move within the range of $1,940-1,960, but beware of gold selling pressure if US retail sales in June come out well, short-term support is $1,940 and $1,935 , while resistance is $ 1,960 and 1,967. Dollar at $ 1,967 resistance is a key resistance, which is the peak of gold prices on June 16, still failed to go up.
world gold price
Support $1,940 and $1,935 Resistance $1,960 and $1,967
96.5% gold bar price
Support 31,900 and 31,850 baht Resistance 32,100 and 32,150 baht
GOLDEN FUTURE (GF10Q23)
Support 32,170 and 32,110 baht Resistance 32,310 and 32,390 baht
investment advice
Suggest a speculative buy around the $1,940 (GF 32,170 baht) price with a sell point to cut a loss at $1,935 (GF 32,110 baht).
GOLD FUTURE ONLINE (GOU23)
Support $1,965 and $1,960 Resistance $1,985 and $1,992
investment advice
Recommend a speculative buy at $1,965 with a sell stop loss of $1,960.
USD FUTURES (USDU23)
Support 34 baht Resistance 34.70 baht
investment advice
The baht depreciated slightly. After the dollar recovers In the short term, the baht is expected to depreciate within a limited range, with the USDU23 contract resisting 34.70 baht / dollar while having support at 34 baht / dollar.
FUTURE OF ONLINE MONEY (SVFU23)
Support $24.80 Resistance $25.60
investment advice
The price of silver continued to rise from the previous week. It is expected that the price of silver metal will continue to rise. By opening a long position, SVFU23 contract is at $24.80, which has support at $24.80 and resistance at $25.60.
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