ðIntergold Weekly News
EP115 Weekly Gold News Summary
On June 29, 2024
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Gold price closed the month negative for the first time in 4 months, after the whole month of June, gold price was on the sidelines all the time, which indicates that gold price throughout the month. June has clearly weakened. I recommend watching and waiting. Next week, as the month begins, we may see a clearer picture for gold. So how will gold price be? Please follow this article.
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In the first half of the year, the gold price chart has been rising. Among the news that supports many gold prices is also the news that the Federal Reserve will cut interest rates 2-3 times since the beginning of the year. And the news of various wars, whether Russia, Ukraine, Israel, or Hamas, in addition to the latest news that China has announced a reduction in the purchase of gold stored as a national reserve. These are all factors that promote the gold price to be always positive. In the first half of the year
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Entering June there is no interesting news to generate positive volume for the gold market, but we still have to watch the Fed. Because every quarter the Fed will release the economic forecast numbers at the end of Q2 (end of June) where the number came in at 5.1%, which is higher than the number announced in Q1 which was around 4.8% The Fed will cut interest rates less than 3-4 times, and may only be left once or twice. It is simply that the Fed is cutting interest rates less. In addition, there is no news of a war to support the rise of gold in the second half of this year.
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For anyone who has set a target of 42,000-44,000 baht, I have to say that it is not the case at the moment. But if you want to hold it or can't think of anything. For medium to long term storage, the price range in the early 40,000 is the price to buy without harm. Because in the end, we still believe that at the end of the year gold should rise because it is an uptrend every year.
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During this period the price of gold is weak but in July if the price is still there it may be able to bounce back. I repeat, maybe. Since the market leader may enter the price range of $2,275-$2,300 or if the price drops below $40,000, there is no need to worry for those who click to buy. Because if the price drops to the late 39,000, there must be new customers. Entering the market for this reason will be a force for the price of gold to rise.
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But next month, it is still clear that there is a percentage that indicates that the price of gold will continue to decline. But we have to look at next week, there will be non-farm numbers, and the week after that there will be inflation numbers. The strategy I would recommend during this period is to wait to buy and sell when the price goes up or down every 300 baht or around $20.
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