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Gold Frenzy! Globlex-GCAP Sees Accumulation Opportunity, Targeting $6,000/oz

Gold Frenzy! Globlex-GCAP Sees Accumulation Opportunity, Targeting $6,000/oz

Post Today•Economy•11h ago

Reader Briefing

Gold prices are expected to surge around the Chinese New Year, with analysts from Globlex and GCAP GOLD suggesting it's an opportune time for investors to accumulate, potentially reaching $6,000 per ounce.

  • •Gold prices are anticipated to rise significantly during the Chinese New Year period due to increased demand for savings and gifts.
  • •Analysts from Globlex and GCAP GOLD recommend accumulating gold as prices are expected to reach yearly highs.
  • •Key price targets for accumulation are set between $3,900-$4,400 and $4,600-$4,420, with resistance levels at $5,200 and potential highs of $6,000 per ounce.

Overview

  • •Global economic, financial, and political uncertainties, along with volatile interest rates and inflation, are driving investors towards gold as a safe-haven asset.
  • •Historically, demand for gold for savings and gifting increases during the Chinese New Year, leading to price boosts.
  • •Nattawut Wongyauwarak from Globlex stated that gold prices are expected to remain within the $4,800-$5,200 per ounce range during Chinese New Year due to buying interest after a price drop.
  • •Areeya Murachai from GCAP GOLD believes the period from Chinese New Year through the second quarter is an opportune time for gradual gold accumulation.
  • •Globlex identified short-term trading opportunities between $4,800-$5,200 per ounce and suggested long-term buying opportunities in the $3,900-$4,400 per ounce range if prices fall below $4,800 per ounce.
  • •GCAP GOLD identified key support levels at $4,600 and $4,420 per ounce, with resistance at $5,400 and a potential target of $6,000 per ounce.
  • •The Thai baht's expected depreciation, partly due to the Bank of Thailand's online gold trading regulations, is positive for Thai gold prices.
  • •A surge to $6,000 per ounce is contingent on accelerated factors like more-than-expected Fed rate cuts, a continued weakening US dollar, or escalating geopolitical tensions.

Full article content is available on the original source.

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Source: Post Today (Original)

Key Quotes

Nattawut Wongyauwarak
"Short-term investment strategy is to speculate within the 4,800-5,200 dollar per ounce range if the price cannot break the resistance of $5,200 per ounce. For the long term, if the price breaks the support of $4,800 per ounce again, there is a chance of a significant correction, waiting to buy in the 3,900-4,400 dollar per ounce range."
กลยุทธ์การลงทุนในระยะสั้นเก็งกำไรในกรอบ 4,800-5,200 ดอลลาร์ต่อออนซ์ หากราคายังไม่สามารถผ่านแนวต้าน 5,200 ดอลลาร์ต่อออนซ์ได้ ส่วน ระยะยาว หากราคาหลุดแนวรับ 4,800 ดอลลาร์ต่อออนซ์อีกครั้ง มีโอกาสพักฐานใหญ่ โดยควรรอซื้อในกรอบ 3,900-4,400 ดอลลาร์ต่อออนซ์
Areeya Murachai
"GCAP GOLD believes that gold prices from Chinese New Year until the second quarter are a suitable time to gradually accumulate."
GCAP GOLD เชื่อว่าราคาทองตั้งแต่ช่วงตรุษจีนไปจนถึงไตรมาส 2 เป็นจังหวะที่เหมาะสมในการทยอยเก็บสะสม

Key Entities

Organization

Globlex(โกลเบล็ก)
A securities company providing analysis on gold prices.
GCAP GOLD(GCAP)
A company specializing in gold analysis and trading.
Bank of Thailand(ธนาคารแห่งประเทศไทย)ℹ️
The central bank of Thailand, implementing regulations affecting online gold trading.
Fed(เฟด)ℹ️
The US Federal Reserve, whose interest rate policies are influencing global markets.

Person

Nattawut Wongyauwarak(นายณัฐวุฒิ วงศ์เยาวรักษ์)
Director of Research at Globlex Securities.
Kevin Warsh(เควิน วอร์ช)ℹ️
A potential new candidate for Fed Chairman whose policy stance is being monitored.
Areeya Murachai(นางสาวอารีรัตน์ มุราชัย)
Chief Analyst at GCAP GOLD.