The price of gold dropped (-5.86) dollars, accounting for (-0.25%), closing the market at 2,315 dollars. It is expected that gold prices will move within a limited range.
Gold spot
- Max – $2,337
- Lowest – $2,311
- Maximum – 40,650 baht
- Lowest – 40,450 baht
Analysis of gold price trends from Hua Seng Heng Gold Futures Co., Ltd. reports that overall past movements, spot gold prices have decreased but have begun to move within a narrower range. As the market eases concerns about the situation in the Middle East and began focusing on US economic data. In addition, the dollar strengthened and US bond yields increased, putting pressure on gold prices. After durable goods orders in March came out better than the market expected, the SPDR fund held the same amount of gold as before.
Economic numbers to follow
Tonight, the United States will release the first estimate of Q1 GDP. The market expects it to expand 2.5% from the 3.4% expansion in the number of weekly jobless claims. The market is expected to increase by 2,000 to 214,000 and the number of home sales contracts awaiting closing in March.
Gold price analysis
After the gold price was unable to break through the area of 2,335-2,340 dollars, it is likely to continue to decline. which technical signals still indicate a downward adjustment But it is expected that gold prices will move within a narrower range. The price of gold has support at $2,300 and resistance at $2,330.
World gold price
- Support levels 2,310 and 2,300 dollars
- Resistance 2,330 and 2,340 dollars
The direction of gold prices is expected to decrease. If trading short term A short position can be opened around $2,330 with a stop loss at $2,340.
Price of 96.5% gold bars
- Support level 40,600 and 40,500 baht
- Resistance levels 40,850 and 40,950 baht
World gold prices dropped slightly. But the baht depreciated above 37 baht, which depreciated in the regional direction. Therefore supporting the price of gold bars. However, the price of gold bars is still likely to go down. We recommend Wait & See and wait for a signal to buy a new round of gold bars.
