YLG Advises Profit-Taking on Gold If Price Fails to Break Resistance at $4,449-$4,511
Price ActionCommodityGeopolitics
YLG advises investors to take profits on gold if the price fails to break through the resistance level of $4,449-$4,511 per ounce. Today, gold prices are fluctuating within the range of $4,385-$4,434 per ounce. Meanwhile, domestic 96.5% gold bars are selling at 68,650 baht per baht-weight, down 500 baht from the previous day. The main pressure comes from the non-farm payrolls figure, which came in higher than expected at +162,000 jobs. This has led the FedWatch Tool to reflect an increased probability of a 0.25% rate hike by the Fed, now at 59.6%. Additionally, geopolitical tensions are high following the U.S. attack on an Iranian oil tanker, and traffic through the Strait of Hormuz has decreased by 33% over two days. YLG states that if the price holds above $4,364, the short-term pullback has ended, and recommends selling for profit at the resistance of $4,449-$4,511. If it breaks through, they advise slowing sales, and for new purchases, waiting for a pullback without falling below $4,396-$4,364.
