Transcription
Hello, and welcome back for another segment. Let's stay with us for a long time. After the morning session where we spoke with P'Noong just a moment ago, at 11:15 AM, it's a good time to check on the gold price. Because today, the gold market has experienced quite a bit of volatility. It's also a significant event for us, as it has continuously broken support levels: 4,500, 4,400, 4,300, 4,200. It appears that now it's just over 4,100. This is a rebound. This morning, it touched the level of over 4,170 dollars. It has now rebounded slightly. We need to wait and see if the final support level of 4,100 will hold. If it doesn't hold today, we actually spoke privately. We spoke with our guest today, Khun Worawut. Khun Worawut said that he sees it going down to 4,000, oh, excuse me, 3,400. It could fall all the way to 3,400 dollars. Today, it must be said that gold holders are panicking. When there is a war, everyone expects gold prices to rise. Everyone will go buy gold. But it turns out that now, when there is a war, people are selling gold. Because they are afraid and worried that inflation will erode the country's economy, and ultimately, interest rates will rise. And today is another day when people are dumping gold. This morning, when I looked, in the spot market, the price dropped by about 150-160 dollars per ounce. The Middle East is heating up again after the United States attacked, this is probably the third time. And just a moment ago, when I spoke with P'Noong, P'Noong mentioned that in the "Wong Sakorn Chompoo" program, Iran had attacked the US Navy's 5th Fleet base in Bahrain. This is considered an attack on their 5th Fleet base, which should be a strong foothold in the Persian Gulf, where they have established a US base. We will have to see. The big question is, this war is not helping gold at all. Gold is falling. And this time, will it become gold's arch-enemy? Previously, gold liked war, but now, will war become gold's enemy? Every time there is an attack, gold plummets. Will it hold this time? 4,100 dollars. Khun Worawut Rungkham, Khun Champ, Director of Securities Analysis, excuse me, Director of Analysis at YLG Bullion and Futures Company. Today, we will speak with him live. I have questions for Khun Worawut. Please send them in, and we will ask. Hello, Khun Worawut.
>> Hello, P'Nao.
>> Hello. Oh, Khun Worawut, it's a sharp drop today, 150-160 dollars. It has rebounded slightly today, reaching 4,200. Does that mean the final support level for this period, before breaking 4,100, will it just keep falling? Khun Worawut, do you think 4,100 will hold? And is there a lot of buying power coming in? It's been resisting at various levels, 4,400, 4,300, 4,200, and couldn't hold, then broke 4,100. Will there be strong support coming in to buy?
>> I believe that level is a very important support level, P'Nao, because it is the low of this year. If we look closely, gold previously fell to 4,100 dollars per ounce in late March. After that, gold bounced back and rebounded to the level of 4,900 dollars per ounce. So, in a single move, it gained 800 dollars. This time, the gold price has decreased or weakened to near that level again. All in all, the level of 4,100 dollars per ounce means that gold, from the beginning of the year to 4,100, is down about 5%. So, gold's return this year has turned negative again. After previously seeing gold move or surge strongly, up to 30%, reaching 5,600 dollars. So, if we look from the highest level to the lowest level, from 5,600 down to 4,100, the fluctuation is 35%, which is very high. And the gold price is very volatile. The fall to the level of 4,100 dollars per ounce, the market believes that the US Federal Reserve, or the Fed, may have a tendency to raise its policy interest rate if the inflation situation remains high, due to the intensity or severity of the conflict in the Middle East. Therefore, many people believe that the war is not ending, oil is not falling, inflation is not falling, and interest rates are likely to go back up. This point leads investors to reduce their gold holdings. And the trend or momentum of interest rates going back up causes gold to start moving into negative territory again. However, whether 4,100 dollars per ounce will break or not, I think investors will likely wait for the results of the US Federal Reserve's meeting next week, around Tuesday or Wednesday. This will be the meeting of the US Federal Reserve, or the Fed. At this meeting, the US Federal Reserve, or the Fed, will release what we call the Economic Projections. I will share the slides. Please.
>> Ah, please do. Look at this. Ah, this one. Economic Projections. The US Federal Reserve, or the Fed, releases this once a quarter. The key highlight of the Economic Projections is the Fed Funds Rate. The Fed Funds Rate is an indication from the Federal Reserve through the Economic Projection report, in writing, of what the interest rate will be in 2026, and the interest rate in 2027, 2028. The Federal Reserve will indicate the trend or momentum of interest rates as an upward or downward trend. From the latest economic projection released at the US Federal Reserve's meeting in March 2026, it was found that the Federal Reserve still has a tendency to adjust its policy interest rate down by 25 basis points. So, interest rates are likely to be signaled similarly to the December meeting, where interest rates were expected to decrease from the current level by about 25 points, and interest rates are likely to continue to fall in 2027 and 2028. This kind of picture leads investors to see the interest rate trend from the written economic projection as a downward trend this year and next year. However, if we look at the latest slide, which is Program 2, it is found that the policy interest rate trend is likely to be adjusted upwards this year. All in all, the current policy interest rate is at 3.5 to 3.75%. The market believes that even though the meeting on June 17th will keep the policy interest rate at the same level, the Fed is likely to revise the Economic Projection and the Fed Funds Rate to signal an opening for adjusting the policy interest rate upwards this year and next year. This kind of concern leads investors to decide to sell some gold, adjust their portfolios, or adjust their positions to absorb the impact of the Economic Projection release. Because what we see are good employment figures, or non-farm payrolls. The PCE inflation rate is at a high level. GDP figures are not bad. Future labor market figures still expect unemployment to remain low. But the inflation picture is likely to remain at a high level. This kind of outlook leads to Fed Program 2, the report forecasting the trend of interest rates, suggesting that there might be an opportunity to see interest rates adjusted upwards by 25 basis points in the last quarter of this year. And perhaps next year, 2027, there might be another adjustment of 25 basis points. So, if we remember that the Fed Funds Rate said interest rates will fall this year and next year, but investors believe interest rates will rise this year and next year, there is a significant contradiction. Therefore, if we look at the economic data that has been announced or reported, investors believe the Fed is likely to be more accurate. Because this Economic Projection was released in March of last year. At that time, the Middle East war had not yet occurred. Now that the Middle East war has occurred, the inflation situation, oil prices, and economic data trends may cause the Fed to need to revise the Economic Projection and the Fed Funds Rate to indicate an upward adjustment of the policy interest rate. This point is one that investors are watching closely. And they choose to sell gold because if interest rates are likely to adjust upwards, gold has a chance to weaken or adjust downwards, similar to the 5% forecast.
>> Uh, let me ask you a question. This week, briefly. Khun Champ, this week, 10th, 16th, 17th, the Fed meeting is next week, which you said we should wait for. So, between now and then, what should people who hold gold do, or those who don't have gold in hand? Today, SpaceX is selling shares. Oh, it's huge. It's huge. And now that AI stocks are being dumped, it makes people feel like, "Oh, I'm going to get on this train now, or I'll miss it." So, they might get on this train now. Or the Middle East war that has erupted again. Every Friday, Khun Champ, people feel reluctant to hold positions over the weekend because they don't know what will happen. It's volatile. How do you see gold this week, Khun Champ? Is there still buying demand? When it falls, do we still see it? Oh, will there be buying power coming back all the time around 4,200? If it breaks.
>> Yes.
>> Oh, excuse me. Actually, I believe the trend or momentum of the gold price in the 4,100 zone, close to the previous low, is a critical point. If the price can stabilize or hold, the picture, excuse me, the trend or momentum of the gold price, there's still a chance for it to fluctuate or rebound or move sideways. If we look at the actual gold price, we will see that the trend or momentum of the gold price has fallen to 4,100, rebounded to 4,890 or 4,900 dollars, and then gradually moved sideways or declined. Therefore, many people think that 4,100 last time, they missed the train in March. If the price returns to this level again, there's a chance for it to rebound or bounce back. However, I must say that some investors may believe that the situation in the Middle East may show signs or signals of easing or alleviating, if the US can control Israel and Iran agrees to a memorandum of understanding. On the battlefield, we don't know what they are discussing or negotiating. If suddenly, gold falls to 4,100, down 5% from the opening of 4,318 at the beginning of the year, it's already the low of this year. Coupled with signs or signals of the war ending, there might be an opportunity for a rebound or a bounce back in the price. Because last time, don't forget that gold experienced panic selling and then plunged. If we look at the actual peak, it fell from 5,400 dollars to 4,100, causing a rebound or bounce back in the price. Therefore, if we look at the medium-term momentum on a monthly basis from March, April, May to the present, gold still has a chance to fluctuate within the blue range, which is a sideways picture. If it doesn't break, we will see a rebound or bounce back in the price. Meanwhile, looking at the gold price in the short term, it's a sideways down trend. But it turns out that in this sideways down trend, if we draw a box or a channel connecting the highest points and the lowest points, we find that the 4,100 dollar zone is the lower boundary of the sideways down channel. Therefore, at that level, if you buy and hold, at least in the short term, there should be a technical rebound or recovery of the price. For those who are aggressive traders or short-term players, I still believe that the support zone of 4,144,100 dollars per ounce, if the price doesn't break, is a good opportunity for short-term trading. However, the opportunity for a rebound or bounce back in the price depends on whether it can break out of the short-term resistance channel. If we look at the past round, gold fell to 4,267, rebounded, and then bounced back to 4,370, but couldn't pass and fell sharply. For the price to return again, it should pass the previous low or base at the 4,267 level. If it passes this level and breaks out of the channel, which is the dark pink sideways down trend, I will change it to purple. Excuse me, so it's clearer.
>> Okay, I see it.
>> Purple, so it's clearer. Passing 4,267. If it can pass this level, the short-term trend or momentum, which is a sideways down trend, will become more positive. The price should form a base and gradually test the next resistance in the 4,500 zone. Therefore, at this moment, we have to wait for the opportunity for a rebound or bounce back or a halt in the price decline. All in all, part of this is calculated from fundamental factors and chart analysis. But another part is fundamental factors, whether it's the Middle East war, economic data, including the popularity of SpaceX, which is expected to be very high. This is another factor that causes money to flow out of gold, a safe-haven asset, to speculate in risky assets. This point is something that the market continues to pay attention to. All in all, I must say that the picture or momentum of the trend of speculating in SpaceX is starting to show a good trend or momentum. Because it is predicted that SpaceX will be highly popular, even though AI stocks are being sold. That is, stocks in the same group are being sold off, and some stocks are being sold, and cash is being held to wait for the SpaceX IPO. This point shows that limited capital in the stock market is being shifted to speculate or invest in SpaceX, including the trend that SpaceX will be included in the MSCI index and can become a leading index for various indices by meeting certain conditions easily. This is another reason that creates a trend or credibility for SpaceX stocks, which may attract investment money from various assets, including gold, in the short term. However, there are investors and analysts who say that the IPO valuation of SpaceX is too high or too expensive compared to its actual value. The IPO price is calculated from future earnings or business operations that will have a bright picture or trend. Will this point be something that resists the trend of popularity? Ultimately, if there isn't a rush to buy or a rapid and strong upward movement of SpaceX, the money that has been sold from various assets to prepare to buy SpaceX may flow back into the gold market, back into stocks, or into trading stocks that have been sold for profit and then pulled back. Therefore, the flow of money in and out of the money market and capital market is something that investors may need to watch closely. However, gold this week still has another negative factor, P'Nao, that I want you to watch out for, which is the European Central Bank, or ECB, meeting. The European Central Bank, or ECB, is expected or assessed to announce an increase in its policy interest rate by 25 basis points at this meeting. Because oil prices and gas prices have risen significantly, Europe cannot tolerate rising inflation. Europe has been affected by energy prices since the Russia-Ukraine conflict in 2020-2021 and 2022.
>> Uh.
>> Therefore, inflation in Europe has risen quickly and strongly as energy prices in the Middle East have risen. This situation leads many to believe that if Europe raises interest rates, it will likely accelerate the trend of bond yields or returns in the bond market. If European bond yields rise, US bond yields and Asian bond yields will also rise. See? Full of negative factors, and future negative factors. Therefore, it's not surprising that investors choose to adjust their portfolios or positions or choose to sell gold at this time. In addition, there is some information that has just come out, which is.
>> Uh, it's a report on ETF fund positions. It has just been released or reported. It was found that ETF funds have been selling gold or reducing their gold holdings in the last week of May. If we look closely, the buying and selling power of ETF funds, there are often ETF funds from Asia, which are pink. They tend to buy when gold prices rise and increase. We see that Asia is the driver of gold prices. The yellow line graph is the gold price graph. We see that when gold prices rise, the pink area is the period when prices are increasing. You can see from where the mouse is pointing, Asia bought gold during that period, in January, up to 62.5 tons, which is a driver of prices. And in January, when gold rose well, we saw that everyone bought it. Europe, North America, and various countries were net buyers. But then, when we look at May, it was found that large ETF funds have become net sellers overall. Europe bought about 1.2 tons. And if we look closer, at the weekly level, when we look closely, it is clearly found that the group that became net sellers in the middle of May and the end of May was Asia. This kind of signal reflects that in the last week, ETF funds, Asia was the seller at a relatively high level, and sold for two consecutive weeks. The previous week, they sold 4.7 tons, and the last week of May, they sold another 3.5 tons. This picture shows that large funds are starting to be on the selling side or short side, whether it's Asia or North America. Europe also has a buying tendency, but not much. Therefore, the picture or momentum of large funds has started to adjust portfolios or positions before the US Federal Reserve meeting, starting from the end of May.
>> Oh, wow, so many negative news. Actually, today we have set the topic. Khun Champ, because those who follow us live must be investors in the gold market. Those who are watching us now. User said, "I have to stop averaging down and wait at 4,000." Oh, wait, this is their name, not that I'm being rude, this is their name. "Waiting for 4,000 to come again, waiting to buy for a long time." Khun Daengka said, "Is there a chance below 4,000?" "Ready to enter." Today, we are catering to our fans. If gold breaks 4,000 dollars per ounce, will you buy? Let's test your courage. If you can, interact with us a little and vote. We want to know if there are still people who are brave, but with limits. Brave with limits, ready to enter at 4,000. Vote for us a little. Tell us how much you will definitely buy. About 50 people have responded. They say they will definitely buy, 70%. Those who say they won't buy yet are 30%. Why are they waiting? 30% need to listen to Khun Champ. Are they waiting for the price to be much lower than 4,000? Now, let me ask Khun Champ. Actually, our team also spoke with Khun Champ about how he sees the current gold drop. Khun Champ gave information before we interviewed. Khun Champ said the deepest he sees is 3,454 dollars per ounce. But Khun Champ said this is based on the World Outlook, in case interest rates reverse. Khun Champ, please tell us a bit about this. The chance of it falling to 3,400 dollars, oh my, it's really deep. How likely is it?
>> Yes, I must say that the World Gold Council, or WGC, has forecast or projected gold for 2026. This paper was released on November 28th of last year. It was released before gold reached its all-time high and before the gold price fell to a low of 4,100 dollars per ounce.
>> WGC divides the gold picture into different scenarios, with a total of 4 scenarios. But this paper, I must say, has already been proven wrong in 2 scenarios. Khun Nao, the first scenario, where gold prices are expected to increase by up to 30%, which is 5,600 dollars per ounce. Let's look at it together. Anyone with a calculator, grab your calculator and press it together.
>> Gold price this year opened at 4,318 dollars per ounce at the beginning of the year. It says that if the trend or momentum of interest rates remains downward, buying from funds, buying from central banks, continues to support gold as a safe-haven asset, gold this year has the potential to increase by up to 15-30%. Add 15% to 4,318. That will be 5,613 dollars this year. At the beginning of the year, gold reached an all-time high of 5,600 dollars per ounce, which is an increase of about 30%. This means that the WGC forecast in its 2026 outlook paper was accurate. So, I must say that if we know the opening price, which is 4,318, plus 30%, we will see the picture or momentum of gold's movement or increase quite well. The second scenario is light blue. WGC believes that gold has the potential to increase by 5-15%. If the trend of the previous factors remains, interest rates remain downward, and there is some buying from central banks, but ETF funds may not buy much. But this scenario, I must say, the overall economic situation in the US may not be too bad. In this scenario, gold will have an upside of about 5% to 15%, which is the light blue channel. Therefore, the price picture may increase by about 5-15% according to the paper or report. Ah, I forgot to highlight. They said, they said in the blue-green area here, that gold can rise by 15%. As highlighted by the mouse pointer. And 5-15% is light blue here, as I have highlighted on the screen. The green scenario, they say the US economy will be similar to last year, not much different from last year. If last year, 2025, is like that, then 2026 will be like that. The forecast for gold in 2026 will be within the green range, which is a plus or minus of about 5%. So, it's uncertain whether interest rates will fall or not, whether interest rates will rise or not. The economy is similar to last year. So, people think that 4,100 dollars per ounce is equivalent to gold falling by 5%. We use the same method, Khun Nao. 4,318 dollars per ounce minus 5% will give us 4,100 dollars per ounce. This means the WGC Outlook for 2026 has already hit the high and low of this year. The high is +30%, 5,600 dollars per ounce, and gold falling 5% is the green scenario. It's the same as last year. Interest rates may fall or not, interest rates may rise or not, gold has a chance to decrease or fall by 5%. This point makes investors dare to buy gold.
>> Uh.
>> If the price weakens or pulls back by 5%, see from the graph just now, in March, towards the end of the month, gold plunged or dropped to 4,100 dollars per ounce. Those who read this paper dared to buy or accumulate gold at that level and then waited for a rebound or bounce back in the price to 4,900 dollars per ounce, a profit of about 800 dollars per ounce.
>> And this is what many people fear, but I don't want everyone to be afraid. I want you to know this information for investors with truly long-term capital. If the price falls to that level, will you dare to buy? Which is the pink scenario. Which is the picture of the US economy being bright, interest rates returning to an upward trend. Therefore, in this scenario, WGC believes that gold has the potential to adjust or weaken by 5-20%. I have highlighted it for you, it's the pink one. The economic picture is bright or the economy is good.
>> Uh.
>> At that time, WGC believed that if the economy is bright or the economy is good, we don't know how good or how much. If the economy is good, what will follow? Inflation will follow, economic expansion will follow, unemployment will follow. The rush to invest in risky assets will follow. Are these events happening now? And how much will the market believe? We see good labor market figures, right? They are selling the economy, right?
>> Inflation is expanding. It doesn't say why inflation is rising. It says inflation is rising, the economy will expand. This is one picture that can cause the gold price to fall as well. We see GDP figures coming out higher than the market expected or estimated. The rush to invest in risky assets, SpaceX is about to IPO, technology stocks. Oh, their earnings came out better than the market expected. This also meets the conditions that WGC has set. Including the trend of interest rates potentially reversing to an upward trend, gold has a chance to fall by up to 20%. Using the same method, 4,318 dollars per ounce minus 20% will give us the picture or momentum of the support level for the gold price at 3,454. This is the figure we refer to from the status, from the WGC Outlook. The question is, if the price falls from the current level by another 8-900 dollars per ounce, can investors' portfolios withstand it? Because from 6 years ago until now, P'Nao, the price has fallen. The price has fallen by about 144 dollars if we look from 4,318. But if we measure from the high of 5,600 dollars per ounce down to the current price, I must say that the gold price has fallen by more than 1,000 dollars. So, it has fallen by more than 1,000 dollars. If it falls from the high to the low of 4,100, it's about 1,500 dollars. If it falls another 7-800 dollars, it's possible. Therefore, if we know the lowest price level, I think investors won't be surprised. Prepare money for contingencies, and if we look at the WGC scenarios, they usually give each scenario an increase or decrease of about 5, 15, 20, 30. So, you can use the same formula to calculate each price range for gold. 4,318 dollars per ounce. Try subtracting 10%, try subtracting 15%, try subtracting 20%. This will give you the support zone levels where investors can look at from the beginning of the year, the price has fallen to various levels. Have we seen the lowest point or the point where everyone rushed to buy or gradually accumulated? Therefore, if this paper says the lowest price has a chance to be at a certain level, and 2 scenarios have already been proven. The highest level, the lowest level of this year, if it breaks 4,100 dollars per ounce, the next level is at what level according to this paper? It should be enough for investors to prepare for contingencies or set aside money for gradual accumulation or gradual buying. However, I must say that gold will fall by 5%, 10%, 15%, or 20%. What is the condition? The details of the US Federal Reserve's interest rate reduction are not specified. How much will interest rates fall for gold to fall by 20%? But what we see is that if the US Federal Reserve, or the Fed, signals about the trend or momentum of interest rates, oh, excuse me, it doesn't say how much interest rates will rise this year for gold to fall by 20% from this paper. But what we see from the Fed program is that investors believe interest rates will be reduced by only 25 basis points. WGC also says that the trend or momentum of decline is in the range of 5-2%. Interest rates may, if they fall or not, we may see a decline in gold prices by only 5%. Therefore, 4,100 dollars per ounce may not break if investors believe that the economic situation or trend may not be conducive enough for the Federal Reserve, or the Fed, to adjust interest rates upwards quickly and strongly. Don't forget that the Fed chairman has changed. Mr. Kevin will serve as Fed chairman in full capacity, and this is the first time he will release the Economic Projection report at this meeting. Therefore, we have to wait and see how strictly Mr. Kevin will control monetary policy. How strongly will he signal the direction of the trend or momentum of interest rates as hawkish or dovish? If he signals similarly, not much negative or positive, the market may think there is still a chance that the Fed will not adjust interest rates downwards. Therefore, if the Fed program 2 is reversed and looks like the Fed will keep interest rates unchanged throughout the year, the pink scenario may not happen, and gold may not fall by 5%. It may even increase by 5% from the green scenario. Therefore, the issue of interest rate forecasts, inflation forecasts, and the war situation all affect the forecast of how deep gold will fall. Therefore, the most severe thing, we know it to remind ourselves, if the price falls to that deep level, will we dare to buy? If we still have money left to buy the last batch, if gold really falls by 20%, I think it should be considered the last bullet. Use it if there is an emergency situation or a sharp plunge in the gold price at that level.
>> Uh, wow. But now, I might have to ask Khun Worawut. For Thai gold, it's currently at 6,500. Buying at 6,500, selling at 6,5250. If it really drops to 3,400, does that mean it will break 60,000? Khun Worawut, will it break?
>> Uh, there's a chance, P'Nao.
>> Because I calculated from the current exchange rate, which is around 32.90 baht. Using Gold Spot of 3,454. If calculated, Thai gold would be around 53,750 baht per baht of gold, or about 54,000 baht per baht of gold. But at that time, I think the exchange rate may not be 32.90 baht, because what we see is that when gold weakens or decreases, the baht also supports Thai gold. If we think of round numbers for investors to keep in mind, it's around the early 5,400s, mid-5,400s, which should be the deepest point for Thai gold. But all in all, if the baht weakens above 33 baht, we may not see Thai gold fall to that level. So, we may have to look at it as a range, because Thai gold also needs to be calculated using the exchange rate. All in all, the current gold price picture, we see that there are many negative factors and negative news. The price has fallen very deeply. But if we look at the graph or the actual momentum of the price, there is not much room for further decline in the short term. For investment strategy during this period, we still believe, or YLG still believes, that when gold falls to important support levels, if investors can bear the risk, it might be a case of risky short-term buying, but set a stop-loss to control risk. We don't want investors to buy and hold for a long time, because there are no positive factors or positive signals from fundamental or technical factors yet to confirm a reversal or rebound in the gold price. But whenever we take a risk and buy at important support levels in the 4,144,100 dollar zone, and if positive factors arise in the future, the Middle East situation eases, or this Thursday, the European Central Bank, or ECB, does not cut interest rates by 25 points as the market expected. This situation could become a positive factor to push gold prices up. Therefore, we need to use both technical and fundamental factors to time buying and selling, as well as money management, which is managing money and managing portfolios. If there is a buying point where we know the price has fallen to a certain level and then rebounded, we can use that point as a stop-loss or cut-loss point to control risk. A careful and rigorous investment plan will allow investors to manage risk quite well, reduce the chance of loss, and increase the chance of profit.
>> Uh, while many of you were listening to Khun Champ just now, 70% said they would definitely buy. Now, they say if gold falls to 4,000 dollars, will you buy or not? It's down to 67% who say they won't buy yet, and 33%. So, buying is still more. Now, Khun Champ, for traders and long-term investors, short, medium, long term, what do you advise? Finally.
>> Ah, yes. I still believe that in the short term, for now, I still see gold as fluctuating within a channel of a sideways down trend. So, 4,000, 144,100 dollars per ounce. If gold stabilizes or holds, it's a risky short-term buy, but sell quickly at 4,218, 4,267. If it still can't pass 4,267 dollars, you might have to try to reduce the portfolio size or wait to buy again at the lower boundary for short-term traders. For medium-term investors, I believe the 4,100 dollar zone per ounce will be the lower boundary of the medium-term sideways channel. We still believe that at the monthly level, that level is the low of the gold price in the first quarter. If the gold price falls and holds above that level, gold at the quarterly level still has a chance to rebound to the 4,700 to 4,900 dollar zone. So, the gold price picture still has a chance to move and adjust upwards to that level. However, if it breaks below that level, the picture of the gold price at the quarterly level may change its picture or momentum to a more negative trend or momentum. So, we may see weakening or further decline in the price according to the purple range. So, we may see weakening or further decline in the gold price towards the 4,300 to 4,670 dollar zone, to 4,554. All in all, if we look at the long-term graph, 4,554 was the base of the gold price in the middle of last year. It was the point where gold prices bounced and hit resistance at that level. When it broke out or rose above it, there was a strong movement or adjustment in the gold price. That level, that support level, I believe that if the gold price gradually declines, it is considered an important technical support. Before that level, there are minor support levels at 3,670 dollars per ounce. That level is likely a weakening of the gold price by about 10-15%. So, it's likely to be support points where each point was a base for the gold price before it moved and adjusted upwards.
>> Uh, that's clear. Don't be sad yet. Like many people who have written in, they are comforting each other. Be calm. Don't be sad. For those who hold at 80,000 baht per baht of gold, Khun Champ has already said that gold goes up and down. Because if there is good news, like the war ends, then the Fed won't raise interest rates. They might continue to lower interest rates, which could be good for gold. We can still have hope. And importantly, to feel at ease, just take the gold and go, right? Keep it at home. Seeing the tangible object will give you a sense of value. Don't be sad yet. It's still an investment opportunity. After all, gold is still one of the alternative investments. But now, many people might say it's become the main pillar of their portfolio. So, they may need to adjust their portfolios a bit, as Khun Champ said. Even ETFs, institutions have to adjust. We, sometimes we may have to adjust too. But for those who buy for a very long time, truly long term, for years, listening to Khun Champ, he said it's okay, just wait and see. After all, gold is still an investment asset. Because now, we cannot predict anything in advance. However, during this week, if we listen to Khun Champ, it seems like it's not the time to enter, right? Khun Champ, because there are many negative factors. But if we see an opportunity to accumulate for a long time, if the price falls to a level that we are satisfied with, we can buy and accumulate. This is for long-term accumulation. Khun Champ, thank you very much today for giving us strategies and a clear picture. This information is beneficial to many people who are trading gold. They always ask me, "What about gold? When will gold rise?" It's like asking, "When will the war end?" We are not analysts like you, Khun Champ, who can tell. You have been in this market for a long time. Okay, thank you Khun Champ today, and thank you everyone. Wow, so many messages. There are people comforting each other and giving encouragement. It's very good. Okay, thank you Khun Champ today, and goodbye everyone. Hello.
>> Yes, hello.
>> Bye-bye.