Strategy |
Resistance | $2,540 or 41,000 baht
Support |. $2,470 or 40,500 baht
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Message:
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Thai gold remains under pressure. From the strengthening baht this is a result of the exchange rate policy interest rates in Thailand and the US in the future and the Bank of Thailand does not seem to have the perspective to cut interest rates in the short term. Until the first quarter of next year, it may cause a short stay in Thailand. Thailand gold prices are available at low prices.
Overall, gold is still a good source of money. It is an attractive tool in the short term. This increases the demand for gold as returns in the market decrease and uncertainty in the global economy becomes more worrisome.
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Gold Analysis:
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Keep your eyes peeled for the August 22-24 Jackson Hole Conference, where the global economic meltdown will be discussed. This Friday, Jerome Powell will issue a statement after the meeting, and in 2022-2023, the stock market will fall sharply after the statement. It is expected to reverse this year.
Citigroup expects gold to reach $3,000 by 2025 and PMI expects gold to rise to $2,700 Recently, the Bank of China opened quotas for gold imports. After suspension for 2 months, the demand from big customers will also increase.
strategy :
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Suggestion: Wait to buy gold at $2,470 and sell at $2,540, Thailand price will sell at 40,500 baht and 41,000 baht.
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