Gold Watch

Bangkok Post - - BUSINESS -

Gold traded last week in a range of $24.25 an ounce and recorded its first weekly loss since mid-Au­gust, de­spite a rally on Fri­day fol­low­ing North Korea’s lat­est mis­sile launch. US in­vestors grew cau­tious about ac­cu­mu­lat­ing gold as Pres­i­dent Don­ald Trump re­newed his tax re­form push, while eco­nomic im­pact from Hur­ri­cane Irma was less than ex­pected. Strong US in­fla­tion data could point to an­other in­ter­est rate in­crease, but not at this week’s Fed meet­ing. The af­ter­noon fix­ing on Fri­day in Lon­don was $1,322.85, ver­sus $1,346.25 a week ear­lier.

Short-term in­vest­ment to take ad­van­tage of price swings is still rec­om­mended. Con­sider ac­cu­mu­lat­ing a po­si­tion if the price drops to the sup­port­ing range at $1,316 and $1,294. If the price starts to move up­ward, mon­i­tor sell­ing closely. Many in­vestors hold­ing gold might seek to take prof­its when the price re­bounds, and as a re­sult it might not be able to break the re­sis­tance lev­els at $1,339 and $1,358. Be pre­pared to make ad­just­ments if the price moves out­side any of these ranges in or­der to re­duce risk. Pre­pared by YLG Bul­lion In­ter­na­tional Co Ltd.

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