GCAP GOLD, or G Capital Company Limited, assesses that gold prices remain in a consolidation phase, with the market watching US inflation figures, both PPI and CPI, which will be a key factor in signaling the Fed's interest rate direction at its meeting on September 15-16. Miss Areerat Murachai, Chief Analyst at G Capital Company Limited, stated that gold prices have not yet fully returned to an uptrend after attempting to recover and test a key resistance level around 4,500 dollars, before facing selling pressure from stronger-than-expected US labor market data, together with a recovery in the dollar and US government bond yields, causing gold prices to pull back to trade near 4,400 dollars. The research team therefore recommends a strategy of waiting to buy once prices establish a base, with a key support level at 4,370-4,330 dollars, or about 68,000-67,300 baht for Thai gold, and a profit target around 4,500-4,520 dollars, or about 70,000-70,200 baht for Thai gold. If prices fall below 4,300 dollars, or about 67,000 baht for Thai gold, rushing to buy is still not recommended, but if prices can hold firmly above 4,500 dollars, it will increase the chance that gold prices will enter another recovery cycle.
G Capital Public Company LimitedG Capital's analyst comments on gold consolidation and Fed/inflation outlook; no company-specific driver, only market analysis.
