Today’s gold prices closed 50 baht, although the spot market fell sharply near the key support at $ 1,800, but the baht was quite weak. causing domestic prices to fall not much
The Gold Traders Association Announces the price of gold in the country today (March 8, 2023) once in the morning, with a price reduction of 50 baht from the previous day. Although the spot price is going down But the baht depreciated quite a bit. As a result, domestic gold prices do not benefit from falling foreign prices.
- Gold bars buy back 30,050.00 baht / gold baht and sold out 30,150.00 baht / gold baht
- Gold ornaments buy back 29,516.52 baht/gold baht and sell 30,650.00 baht/gold baht
domestic gold Based on the spot market at $1,812.50/oz. and based on the Thai baht, 34.12 baht / dollar
Gold price moves after Fed chairman explains to Congress
Global gold prices fell to their lowest in a week. After the Chairman of the Federal Reserve, Jerome Powell (Fed) indicated that interest rates could be higher than expected. to reduce the pressure of inflation which is still higher than the target
Spot gold was down 0.1% at $1,812.44 an ounce. and gold futures were down 0.2% at $1,816.
Traders said gold fell more than $30 to $1,810 after Powell explained. through light trading Because no one wants to buy gold if the Fed continues to raise interest rates. by short term gold may fall below key support at $1,800/oz.
After the statement of Mr. The market expects the Fed to raise interest rates by 0.50% at the March 21-22 meeting, with gold prices still being pressured by the appreciation of the US dollar. The dollar index hit a three-month high.
Hua Seng Heng gold shop Looking at the gold price trend, there is an opportunity for a decline. Investors raised their view of the Fed’s interest rate hike this month to 0.50%.
Spot gold prices moved during the day in a narrow range. After a strong adjustment last night As the chairman of the Fed indicated that interest rates could be raised to higher levels than previously expected. Part of this is due to inflation which is still far from the 2% target and it may be necessary to tighten monetary policy for a while. As a result, investors raised their views on the Fed’s interest rate hike this month to 0.50% to 5.00%-5.25% from previously expecting the Fed to raise interest rates by just 0.25%, which has to be monitored tonight . Will the US employment numbers come out as strong as before? If it comes out much better than expected, it will strengthen the dollar. And the more pressure the gold price can continue to fall
Economic numbers to follow Tonight, the US will reveal private sector jobs across the country in February. At ADP, the market is expected to add 197,000 jobs from a gain of 106,000 in January. The number of job openings is expected to fall to 10.58 million jobs from 11.01 million jobs, also following the Fed Chairman’s semi-annual monetary policy address to the House Financial Services Committee.
gold price trend
Technical signals are improving. But it may not cross the $1,820 resistance area if employment comes out much better than expected. it can put pressure on the gold price to drop to $1,805, where the gold price has resistance at $1,820 (GF 30,410 baht) and $1,830 (GF 30,540 baht), while there is a support line at $1,800-1,805 (GF 30,140 baht) and The next support is $ 1,790 (GF 30,040 baht).
For Gold Online Futures, resistance is at $1,827 and $1,837, while support is at $1,807 and $1,797. Can buy short-term speculation around the price $ 1,800-1,805 (GF 30,040 baht) with a sell point to break loss at $ 1,790 (GF10J23 29,960 baht).
Investing in Gold Online can be a short-term speculative buy around the GOH23 price at $1,807 with a sell stop loss of $1,797.
