Gold Prices Fall by $4.20
The price of gold fell by $4.20, representing a decrease of 0.21%, and closed the market at $1,958. According to analysts at Hua Seng Heng Gold Futures Co., Ltd., the decline was influenced by a stronger dollar and increased bond yields following a lower-than-expected 1.3% rise in the Producer Price Index (PPI) in October. This development has led to expectations that the Federal Reserve will halt its interest rate hikes, while the SPDR fund continues to hold onto gold.
Gold Price Analysis
Analysts anticipate that the gold price trend will remain sideways, with a projected range of $1,950 to $1,970. Support levels are expected at $1,955 and $1,950, while resistance levels are predicted at $1,970 and $1,975.
World Gold Price
- Support levels: $1,955 and $1,950
- Resistance levels: $1,970 and $1,975
The recommendation is to sell gold at around $1,970 with a stop loss at $1,975.
Price of 96.5% Gold Bars
- Support levels: 32,900 and 32,850 baht
- Resistance levels: 33,100 and 33,150 baht
Meanwhile, foreign gold prices are exhibiting a narrower range, and with the baht strengthening, analysts suggest buying gold bars at 32,400-32,500 baht.
Economic Data to Watch
Tonight, the US will release the number of weekly jobless claims, the Philadelphia Fed Manufacturing Activity Index for November, and the industrial production figures for October.
The price of gold fell (-4.20) dollars, accounting for (-0.21%), closing the market at 1,958 dollars. The gold price trend is expected to move sideways.
A spot of gold
Highest – 1,975 dollars Lowest – 1,955 dollars Highest – 33,100 baht Lowest – 33,050 baht.
Analysis of gold price trends by Hua Seng Heng Gold Futures Co., Ltd. reports that an overview of past movements Gold price closed the market. From selling pressure to profit This was pressured by a stronger dollar and an increase in bond yields after the Producer Price Index (PPI) in October increased by 1.3%, which is lower than expected by the market. This supports expectations that the Fed will stop raising interest rates, while the SPDR fund holds gold as before.
Economic numbers to follow
Tonight the US will release the number of weekly jobless claims. Philadelphia Fed Manufacturing Activity Index, November and industrial production in October
Gold price analysis
The gold price trend is expected to move sideways with a moving range of 1,950-1,970 dollars, with support levels of 1,955 dollars and 1,950 dollars and resistance levels of 1,970 and 1,975 dollars.
World gold price
Support 1,955 and 1,950 dollars. Resistance 1,970 and 1,975 dollars.
Recommend selling gold around $1,970 with a stop loss at $1,975.
Price of 96.5% gold bars.
Support levels 32,900 and 32,850 baht. Resistance levels 33,100 and 33,150 baht.
Foreign gold prices move within a narrower range. While the baht is strengthening Buy at the price of gold bars at 32,400-32,500 baht
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