Gold prices on Tuesday rose to $2,025.17 per ounce, nearing the $2,070 high recorded on March 8, 2022, which was just five dollars below the all-time record price of $2,074.88 in August, 2020.
The price soar came after the US Job Openings and Labor Turnover Survey (JOLTS), reported employment openings at 9.93 million, according to CNBC, with the forecast 10.49 million, while the previous month’s actual figure was 10.56 million.
Although movement on Wednesday turned bearish, the price had already marked a day high of $2,032.13 per ounce.
This trend continued on Thursday with an opening price of $2,020.70.
PP Link Securities (PPLS) business manager Long Samnang in his analysis of March 29 said the direction gold is headed may well see it break its August, 2020 historical high, which came amid the global economic uncertainties caused by the unprecedented Covid-19 pandemic.
And reaffirming the position, Samnang says this is growing more possible due to current financial woes.
“With recent economic concerns worldwide due to bank crises in powerhouse countries such as the US and Switzerland, and the ongoing Russia-Ukraine war, there are strong signs the Federal Reserve will find it difficult to further increase interest rates,” Samnang says.
The aforementioned fundamentals are for a long-term direction. For a shorter view, investors can focus on the upcoming US jobs data for March, which is scheduled to be released on April 7 at 7:30pm Cambodian time.
According to Forexfactory, the Non-Farm Employment Change is forecast to show 236,000 jobs added, 75,000 lower than last month’s actual figure.
The Unemployment Rate is predicted to remain unchanged.
Samnang says gold is likely to continue to rise, and suggests investors avoid taking the sentiment view that the price is too tired for further increases.
For this week’s trading recommendation, investors can consider buying in a safe range of $1,989 to $2,000 per ounce, setting the take-profit function at $2,023 per ounce and the stop-loss at $1,965.