Morning (UTC+7 Indochina Time) UPDATE
Key Factors
Yesterday, gold closed up $45.90, boosted by a weakening U.S. dollar trading near a two-week low as investors awaited U.S. inflation data to gauge the Fed's policy outlook.
Gold also received support from continuous buying by the People's Bank of China (PBoC), which added approximately 20.2 tonnes of gold in August—marking its 22nd consecutive month of purchases and its largest monthly addition since 2023, underscoring robust central bank demand.
However, gold's upside was capped by crude oil prices surging past $100 per barrel after Iran claimed responsibility for attacking 10 vessels near the Strait of Hormuz following the U.S.
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• Yesterday, the price broke through the resistance level at $4,414. However, it was unable to surpass the resistance area around $4,443, leading to selling pressure that caused another price consolidation. Nevertheless, as long as the price maintains its base above $4,340, it is viewed as a consolidation for a continued rebound. • For buying entries, wait for a pullback and take the risk of opening long positions if the price stays above $4,340. If it breaks below, delay buying until the next support level (Stop loss if it breaks below $4,282). • Take profit if prices fail to pass $4,443; if passed, positions can be held to target higher selling resistance at $4,487–$4,511. |
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