GCAP GOLD sees gold steady as market weighs Fed rate hike, eyes Nonfarm Payrolls

CommodityGeopoliticsDigital Finance
โดย thunhoon.com·GLOBAL·Read original
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GCAP GOLD says global gold prices are moving sideways above the 4,000 dollar level but have yet to break through resistance at 4,100 dollars, amid uncertainty between the United States and Iran. The market is still pricing in the possibility that the Fed may raise interest rates at its September meeting, which is a factor weighing on gold prices. Meanwhile, geopolitical tensions have flared up again after Iran rejected talks with the US and warned of retaliation against US warships if there are violations, coupled with Houthi naval blockades near Saudi Arabia. This has supported a recovery in oil prices and added inflationary pressure. US economic data remains strong, so the market is closely watching the Nonfarm Payrolls figure this Friday to assess the near-term direction of interest rates, the dollar, and gold prices. Technically, gold prices are still consolidating, with key resistance at 4,100 to 4,200 dollars. If it cannot hold above 4,100 dollars, there is a chance of a pullback to test support at 4,000 to 3,976 dollars. However, a break above 4,200 dollars would be a recovery signal. For Thai gold, it recommends waiting to buy around 63,300 baht and taking partial profits at 64,800 baht.

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