Gold Prices Steady at $2,034 Amidst Dollar and Middle East Tensions – Daily Gold News and Investment Strategy

Daily gold news
Gold prices turned around and closed steady on Thursday (Feb. 8) at $2,034 after being hit by selling pressure but plummeted. $2,020 on strengthening dollar and US bond yields It is a factor that pressures the market. After several Fed officials commented that the Fed will not cut interest rates until it is confident that US inflation is slowing to the Fed’s target level of 2%, however, gold quickly gained purchasing power. from the need for safe assets after Israel rejected Hamas’s cease-fire offer. This has caused concern that the tension situation in the Middle East may spread widely. For factors that need to be followed Market investors will be keeping an eye on the Consumer Price Index (CPI) next week, which will reflect US inflation. If it has not decreased much It will add support to the Fed choosing to keep interest rates at a high level, which will be a negative factor for gold prices.

Technical angle
The gold price is still moving sideways in the $2015-$2045 range, with the gold price gradually recovering back up in a technical rebound. Gold will likely continue to rise if it can stand above $2045. If the brakes are not passed, the sell side still has an advantage over the market. As for the price of Thai gold, it is still on the uptrend, short buying still has an advantage in the market. Recently, it still moved above 34,500 baht (up almost 3.3% or almost 1,100 baht since the beginning of the year), making it the highest point in history. After the baht is still in the trend of continued depreciation, close to touching 36 baht per dollar

Yesterday’s gold price
High 2038usd/oz Low2020usd/oz

Gold Investment Strategy
Gold Spot:
Support :2030/2020usd/oz
Resistance :2045/2055usd/oz

96.5%:
Support line: 34,450/34,350 baht
Resistance:34,600/34,700 baht
Note: Thai gold prices are approximate prices which may change according to the currency direction.