Eyes of markets on US-China trade talks
Investors have been advised to keep an eye on external factors, especially US-China trade negotiations as it could affect the Stock Exchange of Thailand (SET) Index and the price of gold next week.
The SET Index on Friday closed at 1,327.05, down 19.64 points or 1.46 per cent, while total transactions amounted to Bt58.050 billion.
A stock analyst at Phillip Securities (Thailand) expected the index next week to fluctuate sideways down between 1,300 and 1,370 due to numerous negative sentiments, especially US-China trade negotiations.
"Meanwhile, we expect Thailand's second-quarter gross domestic product to contract," the analyst said.
The price of gold on Friday stood at US$1,948.22 per ounce, while the price in Thailand on Saturday was Bt28,600 per baht weight.
A gold analyst at YLG Bullion International advised investors to follow the US-China trade negotiations, as it would have an impact on the metal's price.
"Investors must keep an eye on the resistance line between $1,967 and $1,971 per ounce. If the price does not rise over this line, investors can gradually sell some gold when the price goes up," the analyst said.
"Meanwhile, if the price does not drop below the support level between $1,898 and $1,919 per ounce, investors can buy gold for speculation in the short term as it would rebound again for a while."
