Market conditions on 29 January 2021
Gold prices swung within the range of $ 1,839.50 to $ 1,851.50 an ounce. While the price of 96.5% gold bars in the country sells out at 26,200 baht per baht gold Stabilized from the previous day at the level 26,200 baht per baht gold While gold futures GFG21 is at 26,350 baht, an increase of 60 baht from the previous day at 26,290 baht. Gold online futures GOH21 was $ 1,845.50 an ounce. Up $ 3.50 an ounce. From the previous day at $ 1,842.00 an ounce.
(Note: This information is prepared at 3:40 PM on 29/01/2021)
Trend aspect of February 1, 2021 President Joe’s Economic Team Biden, including US Treasury Secretary Janet Yellen. We are keeping a close eye on the volatility in the US stock market. After the stock price GameStop Soaring 1,700% since the beginning of this month as Reddit Which is chat room With more than 4 million members, the goal is to drive the share price. GameStop To pressure the hedge fund to buy back the stock to cut losses. After having made a short cell earlier Because it is expected that GameStop Will have to close shortly on the Financial Services Commission of the United States House of Representatives. And the Senate Banking Committee It will hold an investigation into the movements that took place in the US stock market. Pressure on the Dow Jones futures plummeting more than 300 points and Asian stocks closed volatile morning. While the volatility index CBOE Volatility Index (VIX) Jumped to 37.32, the highest level since Oct. 2020 from concerns that Investors that investors will sell their shares Although the risk Will stimulate the purchase of gold as a safe asset But it also encourages investors to buy the dollar as a safer currency. The appreciation of the dollar has put pressure on the price of gold to rise to a limited extent. As investors keep their eyes on, the US House of Representatives Committee will begin considering a new round of stimulus measures to mitigate the effects of COVID-19. In the next week, US House Speaker Nancy Pelosi said. She will try to push forward the stimulus package of President Biden despite the lack of support from Republicans. President Biden called “American
Rescue Plan” In the amount of 1.9 trillion dollars That covers the minimum wage hike from current $ 7.25 an hour to $ 15., Increased the limit for sending cash checks to Americans to $ 2,000 each from $ 600 each., Increased the aid limit for the unemployed to $ 400 per week and extended the aid program until the end of September. And funding the COVID-19 detection of $ 50 billion. However, YLG believes that the gold price is likely to move within the $ 1,830-1,821 area as a support. If the gold price is able to hold above that zone, there is a chance it will test the resistance above the 1,853-1,875 dollar an ounce zone. But if you can’t stand The price has a chance to weaken and test the area support again.
YLG Investment Strategy
Recommended to wait for the moment to buy, for risk-taking investors may buy when the price drops around $ 1,830-1,821 an ounce. For those with low risk exposure, it is recommended to wait and watch the support area of $ 1,800 an ounce. And wait to take some profit at the resistance zone, $ 1,853 an ounce. The remainder to wait to close and take profit at the next resistance at $ 1,875 an ounce. And should set a stop loss if the price does not meet expectations. To reduce investment portfolio risk Which if investors do not have investment discipline to cut their losses Will cause damage that is no longer controllable
Gold bar (96.50%)
Support line 1,821 (26,850 baht) 1,800 (25,550 baht) 1,788 (25,400 baht)
Resistance levels 1,853 (26,300 baht) 1,875 (26,600 baht) 1,896 (26,900 baht)
* Note: Support and resistance levels of gold bullion (96.50%) are prices from Convert According to the theoretical formula Not referring to the announcement of the Gold Association.
GOLD FUTURES
(GFG21)
Support line 1,821 (25,960 baht) 1,800 (25,660 baht) 1,788 (25,490 baht)
Resistance levels 1,853 (26,420 baht) 1,875 (26,730 baht) 1,896 (27,030 baht)
GOLD ONLINE
FUTURES (GOH21)
Support $ 1,823 per ounce $ 1,802 per ounce $ 1,790 per ounce
Resistance $ 1,855 per ounce, $ 1,877 per ounce, $ 1,898 per ounce.
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