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In this regard, regarding the price of gold this Tuesday morning, it has adjusted downwards, reaching a new low. The price has fallen to the level of $3,945 per ounce, which is a new yearly low. This level represents a decline of nearly 10% compared to the beginning of the year. Such signals reflect that selling pressure in the gold market remains quite high. Last week, the price of gold fell to $3,959 per ounce. Although a new low was made, the low level of last week and this week are not significantly different. However, looking at the timing of the price rebound or recovery in the past period, it must be said that the price has fallen from the zone of $4,100 per ounce. This is considered a correction or a weakening from the high of last week by over $100. Gold is under pressure from multiple factors. Gold is being pressured by the strengthening dollar, following a significant depreciation signal from the Japanese yen, reaching its weakest level in nearly 40 years. Although the Bank of Japan (BOJ) has signaled an increase in its policy interest rate, the trend of policy interest rate hikes by the US Federal Reserve (Fed) remains more hawkish. Therefore, the momentum of the US Federal Reserve to raise interest rates further is one factor causing investors to sell yen and return to holding US dollars. In addition, the Japanese yen continues to show clear depreciation because the Japanese government has significantly increased its military budget, leading the market to believe that Japan will have military expenses, which could cause the yen to depreciate even further. This concern is a factor causing the yen to weaken significantly. In the currency basket system, the yen and the dollar often move in opposite directions. The yen is considered one of the currencies in the basket that is weighted against the US dollar. When the yen weakens, the dollar strengthens. The depreciation of the yen stimulates or supports the dollar, causing it to strengthen considerably. This is a factor that is pressuring gold today. Additionally, investment capital in gold continues to flow out to speculate in tech stocks, following the strong upward momentum of Alphabet, the parent company of Google, and SpaceX. Today, SpaceX surged 7.2% after Nasdaq confirmed that SpaceX would be included in the Nasdaq 100 index. This is a factor that has led to speculation that a certain amount of capital will flow into holding SpaceX shares to weight the index. This issue leads investors to believe that the direction of tech stocks will remain quite bright, as Alphabet, which rose 4.8%, began trading and was included in the Dow Jones Industrial Average for the first time today. Investors therefore believe that even though it has been included and trading has begun, there has not been a "sell on fact" or profit-taking after its inclusion in the Dow Jones Industrial Average. Nasdaq will be included in the Nasdaq 100 index on July 7th, which is around next week. Therefore, investors believe that from now until July 7th, SpaceX shares are likely to remain at high levels or have the opportunity to rise further, as there will be speculative buying pressure from this issue to drive or support SpaceX. This kind of expectation leads investors to choose to sell gold or reduce their gold holdings and redirect capital to speculate in tech stocks. This concern is one factor that is further pressuring gold.
In addition, gold continues to be pressured by the uncertain situation in the Middle East. Although there are agreements or signals between the US and Iran to negotiate in Qatar today, it must be said that the agreement or MOU signed last week was torn up over the weekend, and military operations between the US and Israel occurred, attacking each other's military strongholds. Investors remain concerned about the escalating tensions in the Middle East after the US and Iran resumed military operations over the past weekend. Although there is a trend towards reaching an agreement and resuming negotiations between the US and Iran, this issue makes investors uncertain whether peace in the Middle East can truly be achieved. Investors believe that military operations, where the US attacked radar military areas or strongholds of Iran over the weekend, and Iran's return to closing the Strait of Hormuz, cause investors to worry that the situation of tension in the Middle East may only see short-term peace. This factor may be one that causes volatility in energy prices and inflation, which may rise or increase. This concern is another factor that is pressuring gold. In addition, Israel, a US ally, continues to attack areas in southern Lebanon. Most recently, high-yield weapons or explosives with high destructive power have been used. From the news footage, it can be seen that just one of these bombs can destroy half a city. This situation causes investors to be concerned about Israel continuing to attack areas in southern Lebanon, with the US unable to stop Israel. This issue may lead Iran to tear up the MOU and return to closing the Strait of Hormuz. Even though there is an agreement or peace negotiations, this risk remains a factor causing investors to choose to reduce their gold holdings in the short term. These signals therefore cause gold prices in the short term to fluctuate within a sideways-downward range. However, investors still hope that the agreement or negotiations in Qatar may yield a resolution or lead to peace talks and negotiations again. This is because President Donald Trump expects that the war in the Middle East will show signs of easing before US Independence Day this Friday. President Donald Trump himself will be giving a speech or address, likely using the issue of Middle East peace to garner votes or popularity before the mid-term elections later this year. This issue therefore causes gold to be bought speculatively in the short term when it weakens or pulls back, with alternating selling pressure. However, if the rebound or recovery of gold remains limited, YLG still recommends looking for opportunities to sell some gold to reduce risk. It is recommended to watch the resistance levels in the zone of $4,000 to $4,037 per ounce. If the rebound or recovery of the gold price remains limited and does not break through these resistance levels, it is still recommended to sell. This resistance zone translates to Thai Baht 62,900 to 63,500 Baht per Baht of gold. The more the price rebounds or bounces back and fails to break through the psychological resistance in the $4,000 per ounce zone, which it has fallen below, leading to selling pressure and panic selling down to $3,945 per ounce, the more the outlook may become clearly bearish.
However, for investors who want to take risks and buy gold, the support level of $3,945 is considered the low or the lowest level for gold this year, and $3,920 per ounce is a minor support level. If the price stabilizes or holds above these levels, a rebound or recovery in price is likely to be seen. This translates to Thai Baht for the minor support zone of 61,700 to 61,750 Baht per Baht of gold. If it does not break below this level, one can risk buying, or those who sold can buy back. But if the price breaks below this level, the important support level to consider is $3,880 per ounce, which translates to Thai Baht approximately 61,100 Baht per Baht of gold. Looking at the chart, the $3,880 per ounce zone is the channel of the medium-term sideways-downward trend. If the price falls to this level and does not break below it, a good rebound or recovery in price is likely to be seen. This is because in the past, the price tested this level or the lower boundary of the medium-term sideways-downward trend, and the price recovered or bounced back quite well. However, the extent to which the price will stop falling or rebound depends on the fundamental factors that investors should watch or follow in the short term. This Tuesday, the Chicago PMI (Purchasing Managers' Index) will be released for the US, and the Conference Board Consumer Confidence Index for June will be released. On Tuesday, the Job Openings and Labor Turnover Survey (JOLTS) for May will be released. On Wednesday, Fed Chairman Jerome Powell will make a statement, giving a speech at the European Central Bank (ECB) conference, where various central bankers will also be speaking. On Wednesday, the market will closely watch whether Chairman Powell will signal further tightening of monetary policy, as we have already seen the Bank of Japan and the European Central Bank announce interest rate hikes. Therefore, the meeting of these central banks may put pressure on Chairman Powell to signal tighter monetary policy or open the possibility of further policy interest rate hikes by the US Federal Reserve. This issue is still a bearish factor for gold in the early and mid-week. In addition, the ISM Manufacturing PMI and ISM Manufacturing Price Index will be released, which are economic figures that will reflect the trend of the manufacturing sector and the economy in the US.
For any investors who wish to invest in gold as Gold Spot or Silver Spot, you can now trade or buy and sell through the MT5 platform. YLG Bullion and Futures now allows customers to trade Gold Spot and Silver Spot. If you are interested, please contact us. For today, thank you for watching and listening. Thank you for liking and sharing. Thank you. Goodbye. >> To not miss any investment information and news, remember to like, share, and subscribe to all Money Chat channels.