Daily gold news
Gold prices closed $10 higher on Monday (January 29) after the conflict situation in the Middle East encouraged buying of gold as a safe-haven asset. Recently, Iranian-backed militias attacked a US military base in northeastern Jordan. In addition, a drop in the 10-year US government bond yield to 4.105% last night supported gold prices. This week, investors will be watching the US Non-Farm Payrolls numbers on Friday, anticipating that the employment numbers will decline. 173,000 jobs in January by slowing from the 216,000 position in December, if as expected will be a strong support for gold prices. Moreover, if the war tends to escalate, gold has a chance to continue rising.
Technical data about gold price trends
From a technical point of view, gold prices are still unable to break through the $2040 resistance level to create an uptrend pattern on the TF4H chart, causing the gold price to shift back and forth within the downtrend, causing the sell-side adjustment to the market to continue. However, if it manages to break above the mentioned resistance level, the candlestick chart will move back above the 50,100,200-day moving averages, and long positions will immediately regain their advantage. For today, we recommend trading according to the support and resistance framework. Especially those who own and buy, and if the price rises, they sell to make a profit. As for the price of Thai gold, it is still in an upward trend, and short buying still has an advantage in the market.
Yesterday's gold price
High $2037/oz Low $2017/oz
Gold investment strategy
Gold spot:
Support line :2015/2025 dollars/oz
resistance :2040/2050 dollars/oz
96.5%:
Support line :34,050/33,950 baht
resistance:34,100/34,200 baht
Note: Thai gold prices are approximate prices and may change according to currency trends.
finance SPDR (the world's largest bullion mutual fund)
Carrying 854.89 t (-1.16 t)
Latest US policy interest rates
US interest rates are currently between 5.25-5.50%, while CME Group's Fed Watch tool indicates that investors 45% expect the Fed to cut rates by 0.25% to 5.00-5.25% at the meeting. 2024 It still expects the Fed to cut interest rates 6 times in 2024, cutting by 0.25% each time, for a total of 1.50%.
The above analysis is intended for the company's clients only. The company has no responsibility. Continuing the above analysis investment is risky. Please use your own discretion when investing. This analysis was prepared by Osiris Intelligence Department For more information call 0-2613-0820 or via the website. www.ausiris.co.th
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