Today's gold price (Feb. 5) continues to move lower than the previous day. However, gold prices remain under pressure. From the higher movement of the dollar and US bond yields. Nonfarm payrolls on the U.S. labor market side rose by 353,000 positions in January due to economic data, more than analysts expected. This is the highest level since February. 2023 represents the state of the US labor market. It's still strong Meanwhile, January's data on average hourly earnings and the unemployment rate also point to a similar situation, helping to encourage a positive outlook for the U.S. economy. But this can affect the process. Inflation has slowed in the US. This is what makes the US Federal Reserve (Fed) more cautious. Adjusting the direction of monetary policy In an interview this morning, Fed Chairman Jerome Powell indicated that while the Fed's board is more optimistic about its prospects for achieving its inflation target, the Fed still needs to do more. Additional information was found to confirm this trend. The central bank's indication of a move to cut interest rates may not be in line with market expectations. It corresponds to the signal being transmitted. May not be available at the meeting in March. This scenario of interest rate cuts is likely to support the dollar and US bond yields. A higher level of movement can be maintained so there is pressure on the price of gold to correct downwards.
Advice
· Sell for short term profit. If the price cannot stand above the resistance zone of 2,049-2,06 dollars per ounce.
· Wait to buy back to make a profit. If the price breaks above the support level of $2,026-2,018 per ounce.
· Selling level to cut losses if the price crosses the resistance level of $2,066 per ounce.
This article was prepared by YLG Bullion International.
For more information, contact 02-687-9888 1 or website ylgbullion.co.th
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