GlobalGold estimates that “gold prices” will move sideways in the $2,120-$2,180 range this week, suggesting an eye on the ECB president's report and central bank meeting.
March 19, 2024 Mr. Nathout Wongyaovarak Director of Research Global Bonds Rate that this week Gold prices are moving sideways in the range of $2,120-$2,180 per ounce. This is because there is still positive momentum from escalation and potential escalation of war tensions throughout March 2024.
However, it is recommended to follow the ECB President's statement and the FED meeting this week (March 19-20, on the morning of March 21 Thai time), although investors expect the FED to maintain interest rates. 5.25-5.50%, but watch the FED chairman's report for further interest rate directions.
The dollar's weakness missed the key support level at 103.73, which is currently at 102.79. The weaker dollar supported gold prices higher, while the SPDR fund sold -6.34 tonnes.
Therefore, in line with the market's expectation that the FED may postpone the interest rate from 1H24 to 2H24, the research sector estimates that February inflation in the US will be stable above 3%, and gold prices will rise. previous week. There is power to sell and profit if the gold price fails to cross the resistance level of $2,200 per ounce in a week. Tips for selling and making profits step by step
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