after the weekendprice of goldThe rebound on US economic data releases reinforced expectations that the Federal Reserve (Fed) will slow down interest rate hikes. On the other hand, Thai gold opened the market slightly higher becausebahtappreciates
Experts in the gold market and gold investors. Watch 4 factors that will affect the direction of the price.gold namely
1. A Fed Policy Mistake puts the US economy at risk of recession
2. The Fed may have to change its stance on monetary policy from “tight control” to “relax” by the end of 2023.
3. Chinese gold demand is rising from central bank buying pressure while selling pressure in the SDPR began to slow down
4. Hot Geopolitical factors continue to stimulate the trend of Dollarization
“Jitti Tangsitpakdee” Prime MinisterGold Traders Association He revealed that the price of gold during this period was still swinging up and down to the level of $ 1,800 per ounce. It is also a side up style. of such supporting factors
In addition, it will be seen that the gold price at some point adapts to stagnation. Speculation is often to accumulate gold for a short period. including major central banks from many countries and Thai investors with increasing purchasing power as the Thai economy begins to recover with the hope that after this the price of gold will rise
“The Fed will raise interest rates at the first meeting later this month.world gold price” Potential to see a move up to $2,000 per ounce. and domestic gold prices Still standing near the 30,000 baht level because there is still a factor in the baht appreciation”
“Jitti” said that there are factors that investors must be careful when investing in gold in the short term. Because usually there is a tendency to buy gold to accumulate more speculation in the period before the Chinese New Year and continue from the New Year festival And there is often a profit taking moment after the Chinese New Year.
At the same time, investors have to wait to see the results of the Fed’s interest rate meeting. At the end of January this will obviously make the price of gold clearer in the future.
However, there are some moments when gold prices go down to rest It is a point where investors can gradually accumulate. To begin this year, the world gold price is still moving within the range of 1,825-1,900 dollars per ounce. (The baht is still appreciating at 33.50 baht per dollar)
“If the price of gold breaks below the $1,825 level and then rebounds, it is a sign that prices will continue. But watch out for profit taking as the price approaches $1,900.”
side “Thapa Nawawattanasub” Chief Executive Officer YLG Bullion International Co, Ltd said that we maintain a bullish view on gold prices in 2023, with a chance that gold will rise to the first resistance in the area of 1,916-1,879 dollars per ounce or 30,150-30,700 baht.
If it surpasses the first target, then there is an opportunity to test the next resistance frame, which is the High of 2022 and the highest ever in the area of $ 2,069-2,075 per ounce, 33,000 baht.
But if it falls in the area of 1,616-1,614 dollars per ounce it will clearly make the long-term price direction change more negatively with the opportunity to adjust the base in deep ways And the next support target will be in the zone from 1,530 dollars per ounce. (gold price base in 2012) and 1,488 dollars per ounce respectively or 24,500-23,800 baht (domestic gold price calculated in baht at 33.85 baht)
“From long-term technical developments combined with fundamental factors that are likely to return as supporting factorsgold Making the direction of gold this year tends to be bright.
Executive Chairman of the Group “Nattapong Hiranyasiri”. MTS Gold There is Thong Suk He said:goldIt remains the “outstanding” investment asset this year following strong gold buying by central banks in many countries. including Thailand progress to protect against inflation And if the US economy starts to slow down causing the Fed to slow down and stop raising interest rates It is also a factor that can continue to support world gold prices.
But in the short term, there may be selling pressure after the Chinese New Year. Because usually before the Chinese New Year, speculation to support the world gold price will move up. Therefore, the world gold price this year should still have a chance to move up to the level of $2,000 per ounce. But currently still in the frame this year at $ 1,830-1,900 per ounce.
Gold price in the country. 29,000-29,900 baht, not adjusted by the weight of baht appreciation only (Looking at the framework of the baht this year is appreciative. 33-34.50 baht per dollar)