Gold Falls with Crypto, YLG Targets Potential $5,000 Level

Prachachat•Economy•266d ago

Reader Briefing

Gold prices are experiencing a significant sell-off, mirroring cryptocurrency declines, with YLG predicting a potential dip to around $5,000 before resuming an upward trend.

•Gold prices have fallen sharply, over $400, influenced by a sell-off in cryptocurrencies.
•YLG anticipates a potential short-term dip to approximately $5,000 but expects long-term gains.
•Investors are advised to buy on dips, particularly around the $5,000 mark.
•The upcoming Chinese New Year holiday (Golden Week) is expected to cause further price volatility due to reduced market participation.

Overview

•Gold prices are significantly declining due to a widespread sell-off, mirroring the trend in cryptocurrencies.
•Gold has fallen by more than $400 per ounce, reflecting the current market pressure.
•YLG suggests that gold has experienced an 'overbought' condition, leading to the current price retracement.
•YLG predicts gold has the potential to drop to around $5,000, but anticipates a subsequent rise.
•YLG cautions investors against buying during uptrends and recommends purchasing when prices dip.
•The Chinese New Year 'Golden Week' holiday, a period of extended absence for traders, is expected to increase market volatility.
•Market thinness during the Chinese New Year holiday could lead to exaggerated price movements, either up or down.
•YLG's CEO believes gold is unlikely to fall below $5,000, as recovery would be significantly delayed if that level is breached.

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Source: Prachachat (Original)

Key Quotes

Pawornwan

"When gold rises, don't follow buy, let it rise. When it dips, then start entering gradually."

เวลาทองขึ้นก็ต้องไม่ Follow buy ปล่อยมันขึ้นไป พอมันย่อค่อยทยอยเข้า

Pawornwan

"There's a chance it will go down to around $5,000, but it will continue to rise long-term."

มีโอกาสลงไปแถว ๆ 5,000 เหรียญ แต่ระยะยาวยังขึ้นต่อ

Pawornwan

"Sentiment currently isn't good, still dipping. If entering, enter around the beginning of $5,000."

เซ็นติเมนต์ช่วงใกล้ ๆ นี้ ยังไม่ค่อยดี ยังย่ออยู่ ถ้าจะเข้าก็เข้าแถว ๆ 5,000 เหรียญต้น ๆ

Pawornwan

"Gold is unlikely to break below $5,000, because if it does, it might take a while to recover."

ทองไม่น่าหลุดต่ำกว่า 5,000 เหรียญ เพราะถ้าหลุดอาจจะใช้เวลานานหน่อยกว่าจะกลับขึ้นมา

Pawornwan

"Every time during Golden Week... players disappear. Normally, if it doesn't rise strongly, it falls strongly; the market is thin."

ทุกครั้งที่หยุด Golden Week ... คนเล่นหายหมด โดยปกติถ้าไม่ขึ้นแรงก็ลงแรง ตลาดมันบาง

Key Entities

Organization

YLG

An organization providing analysis on gold prices and market trends.

Person

Pawornwan(นางพวรรณ์)

The Chief Executive Officer of YLG, who provided analysis on gold market trends and investor advice.