Find out the price of gold next week: will it rise or fall?

Mr. Warut Rungkham, Director of Analysis at YLG Bullion and Futures Company Limited, revealed the trend.Gold price next weekNation Online reported that the price of gold during the period from September 1 to September 29 fell to approximately US$65 per ounce. It is worrying that Federal Reserve (Federal Reserve) It will keep interest rates at high levels for longer than expected in order to extract themEconomic inflation

At the September 20 meeting, the Fed Committee decided to keep short-term interest rates at 5.25% to 5.50% as expected, but in the interest rate forecast (dot plot), Fed officials indicated an increase in interest rates . By the end of this year.

In addition, China is facing a real estate bubble problem. Chinese real estate companies have outstanding debt worth 33.5 trillion yuan ($5.24 trillion), equivalent to a third of China’s GDP. Many companies are in Evergrande’s position due to defaulting on their debt.

In addition, the Governor of the Bank of England sent a signal to stop raising interest rates, stressing that the current level of 2.50% is the appropriate level. If the economy and inflation are as expected, as in the case when the Prime Minister summons the Governor of T Bank to discuss the economy and monetary policy on October 2, this could affect the movement of the baht. After the value of the baht and currently, it was found to be more volatile than usual, and the Governor of the Bank of England confirmed that interest rates are not rising. To prevent and slow the flow of money the aim is to see its effect on stability and its indirect effect on inflation.

External factors to follow next week

– ProgressCongressIt was approved through the draft interim budget.

– National Day of China (Chinese National Day) falls on October 1st every year. This year will be the 74th anniversary, which in China will be a holiday from October 1 to 7, and this may lead to a doubling of the volume of gold trade in China.

– Revealing US economic numbers During this week to further reflect the direction of the American economy. The numbers will be revealed. September manufacturing sector index and service sector index from the US Institute for Supply Management (ISM), private sector employment numbers from ADP and non-farm employment, unemployment rate and average hourly earnings. September

for this trendGold price next weekIt is expected to fluctuate in the lower side band after the gold price comes under more pronounced selling pressure. If the price has a limited bounce and cannot stop above the resistance area. The price still has a chance that the indicator will continue to weaken.

Short-term resistance is estimated at 1884-1901 USD per ounce. Meanwhile, support is estimated at 1851-1833 USD per ounce. As for the investment strategy, a sell position can be opened if the price does not exceed the mentioned resistance level. But the profit target may be a bit short at US$1859-1851 per ounce. If you can’t afford it, delay closing your sell position to take profits. However, short positions should cut losses if the price exceeds US$1,901 per ounce.

However, the first resistance level is assessed at US$1,884 per ounce. The next resistance level is at $1,901 per ounce. Last resistance is at USD 1,919 per ounce, and first support is at USD 1,851 per ounce. The next support level is at $1,833 per ounce. The latest support level is $1,815 per ounce.