Gold Prices Under Pressure Amid Concerns over Inflation
Gold prices experienced a fluctuation within the range of $1,940 to $1,948 yesterday as market concerns mounted over inflation. The market reacted negatively to the release of the price index for personal consumption expenditure (PCE), which was in line with market expectations, suggesting that consumers continue to spend at high levels. This development has reignited worries about inflation, and analysts predict that inflation in the US will persist at high levels.
Furthermore, the declining number of applicants for unemployment benefits indicates a resilient US economy, potentially leading the Federal Reserve to consider raising interest rates. Market expectations for this month suggest that the Fed will keep interest rates unchanged, with over 50% predicting a rate increase in November. Today, significant US economic data is expected, including Non-Farm Employment Change and Unemployment Rate figures.
Trade Conflict and Depreciating Baht Impact Thai Gold Price
The Thai gold price remains closely linked to global gold price movements. The ongoing trade conflict between China and the US, along with import restrictions and concerns over the release of contaminated water from the Fukushima nuclear power plant, has led to uncertainties and a decrease in the import of Japanese seafood. In addition, the baht has depreciated, stabilizing at 35 baht per gold baht. As a result, the Thai gold price has ranged between 31,350 and 32,000 baht per gold baht.
Technical Analysis: Gold Price Forecast
For the price of gold to see a significant increase, it must overcome resistance at $1,945 or higher. Today, the Non-Farm Employment Change figures outside of the agricultural sector in the US will play a crucial role in determining the direction of gold prices. Support is expected at $1,930, while resistance is likely at $1,955.
In the futures market, Coins for Gold Online is projected to have a support frame at $1,940 and resistance at $1,965. Gold Comex, on the other hand, is expected to find support at $1,960 and resistance at $1,985. In Thailand, the gold price has a support level of 31,900 baht per gold baht and resistance at 32,300 baht per gold baht.
Investors should note that the price of gold and futures can vary between $10 and $30, making analysis or arbitrage a complex task requiring a deep understanding.
Please note: This analysis is exclusively prepared for the Company’s customers and is based on technical analysis. The Company assumes no responsibility for the accuracy of the analysis. Investors are advised to exercise caution and make investment decisions at their own discretion. For more information, contact the Gold Investment Institute, Mae Thong Suk, MTS at 0 2770 7788 or visit the website at mtsgold.co.th.
gold price reference
Gold prices moved within the range between $ 1,940 – $ 1,948, yesterday, gold prices were under pressure just after the United States. The price index for personal consumption expenditure (PCE) came out in line with market expectations. which indicates that consumers are still spending at a high level. As a result, the market returned to worrying about inflation. The market expects US inflation in the month of This will continue at an equally high level. In addition, the number of applicants for unemployment benefits in the US Unemployment claims are down, indicating that the US economy remains strong. And it could be a factor that could lead the Fed to consider raising interest rates, with most of the market expecting the Fed to keep interest rates unchanged at this month’s meeting, and more than 50% expecting for the Fed to have a chance. Interest rate increase in November. As for the important US economic numbers today, Non-Farm Employment Change is expected to come out lower than before and the Unemployment Rate is expected to come out the same. Yesterday, the SPDR gold fund still held the same amount of gold. currently held at 890.1 tonnes. There is a growing trade conflict, with China and the US arguing over import restrictions. and export products for Japan after the release of contaminated water The treated radioactive material from the Fukushima nuclear power plant is released into the sea. causing many parties to worry and refrain from importing Japanese seafood As for the baht, it returned to depreciate. It stabilized at 35 baht per gold baht, leading the Thai gold price to stabilize at a high level in the area of 32,000 baht per gold baht again. After last week, it went down to the lowest point in the area of 31,350 baht per gold baht. It can be seen that the Thai gold price is currently moving in the same direction as the global gold price, with the same bottom-out characteristics and can break out the upper average line at 32,000 baht per gold baht.
Technical gold price analysis
The price of gold still has to go through significant resistance at $1,945 or higher to make the price of gold rise quickly. It is expected that the price of gold today will vary within the range depending on the Employment figures outside the agricultural sector the US (Non-Farm Employment Change) published today at 7:30 pm Thai time for today, gold prices are expected to find support at $1,930 and resistance at 1,955. Coins for Gold Online Futures is expected to have a support frame of $1,940 and resistance of $1,965 and Gold Comex is expected to have a support frame of $1,960 and resistance of $1,985 for gold prices. Thailand has a helpline at 31,900 baht / gold baht. and has a resistance of 32,300 baht / gold baht
by emphasizing that investors The price of gold and futures can vary from 10 – 30 dollars, so analysis or Arbitrage will require a deep understanding.
The above analysis is prepared for the Company’s customers only. And the analysis is based on Technical Analysis The company does not take any responsibility. as per the analysis above All investors, remember that investment is risky, use your own discretion when investing. This analysis was prepared by Gold Investment Institute, Mae Thong Suk, MTS For more information, contact 0 2770 7788 or visit the website. mtsgold.co.th
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