Gold Prices Remain Narrow at 73,800-74,200 Baht, Muted Chinese New Year Atmosphere

Leng Hong Commodities is assessing Thai gold prices this week moving within the range of 73,800–74,200 baht per baht of gold, with the next support level around 73,300 baht. Phatrin Vachirakphan, Chief Operating Officer of Leng Hong Commodities, revealed gold price trends for February 16-20, estimating a sideways movement. Although the technical picture remains clearly upward, breaking the key resistance at $5,100 per ounce will require additional supporting factors. Last week, gold prices fluctuated in a narrow range with multiple attempts to adjust upward but failed to break the $5,100 resistance, with intermittent selling pressure. However, prices remained above $5,000, reflecting continued market buying support. The Chinese New Year holiday will result in reduced trading volumes, which may cause price volatility. Investors are advised to be cautious and consider buying on price dips.