2023-11-19 08:27:00
The price of gold during the past 1 Nov. – 17 Nov. rose by 2 US dollars per ounce. The gold was sold to make a profit. After the risk of war between Israel and Hamas Didn’t expand the circle But next week, what will the gold price direction be like or not? Let’s follow and see.
Mr. Warut Rungkham, Director of Analysis of YLG Bullion and Futures Company Limited, revealed the direction.Gold price next weekwith Nation Online that the price of gold during 1 Nov. – 17 Nov. rose by 2 dollars per ounce. Gold is sold to make a profit. Risk from war betweenIsraelandHamas group It didn’t expand, but some spread out.
however gold priceSupported by investors, it is expected that The Fed will keep interest rates steady.at the level of 5.25-5.50% in the December 2023 – March 2024 meeting before reducing the interest rate by 0.25% to 5.00-5.25% in the May meeting. 67
Gold prices received positive factors from
– labor market figures Weak indicators indicate higher unemployment: the number of weekly jobless claims rose to 231,000, the highest level in three months. Such factors support expectations that the Fed will stop raising interest rates.
– Meeting betweenMr Joe Biden President of the United States and Mr.Xi Jinping President of China Mr. Biden stated that Discussion with Mr. Xi Jinping”Straightforward and creative” along with saying Emphasized to China that “The United States does not seek conflict.“Create hope that Past trade wars may have improved.
however Gold prices did not respond to the issue. Because there is still no concrete clarity on easing or signaling an end to the trade war between the two countries.
Positive and negative factors that must be followed
– central bank of china (PBOC) announces the Prime Ministerial LPR (LPR) interest rate. It is expected that the People’s Bank of China (PBOC) will maintain the 1-year Prime Ministerial LPR (LPR) interest rate at 3.45% and the 5-year LPR interest rate at 3.45%. level of 4.20% on Monday, September 20, following the PBOC decided to maintain the policy interest rate on Wednesday (Nov. 15).
– Monetary Policy Committee (FOMC), Federal Reserve Revealing the list of past meetings After Mr. Jerome Powell, Chairman of the Federal Reserve (Fed), said that in the upcoming meeting The Fed will carefully decide whether to continue raising interest rates. or will maintain high interest rates
The Fed needs to conduct monetary policy carefully. By evaluating the information received by the Fed. including trends and risks that may occur
– Buying volume is light in the US.May be light on Thursday because money and capital markets will be closed due tothanksgiving day (Thanksgiving Day)
– Meeting of OPEC and allied nations or OPEC Plus on Nov. 26 following OPEC+ previously reached an agreement to reduce production by a total of 3.66 million barrels per day until the end of 2024.
for the trendGold direction next week Still moving in the frame Sideways byInvestment strategy After the price increased Prices fluctuate and maintain their level. And when the price weakens, there is still buying pressure supporting the price. Recommend taking the risk of opening a buy position to make a short-term profit. When the price drops, it can stand above the support zone of 1,966-1,949 US dollars per ounce. Cut losses if the price breaks the support area of 1,949 US dollars per ounce. Gradually close the buy position to take profit if the price does not pass the resistance area of 1,933-2,009 US dollars per ounce.
However, the first resistance is assessed at 1,993 US dollars per ounce. The next resistance level is at 2,009 US dollars per ounce. and the final resistance level at 2,027 US dollars per ounce. The first support is at 1,966 US dollars per ounce. The next support is at 1,949 US dollars per ounce. and the last support level is 1,930 US dollars per ounce.
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