Huaseng Heng Advises When to Buy Gold, Reveals 4 Hot Factors for Gold Prices in 2024

Huaseng Heng analyzes the gold market situation, noting continued price declines after a 9% drop on Friday. The analysis highlights four hot issues for gold in 2024: 1. Profit-taking selling pressure 2. Trump's proposal of Kevin Warsh as new Federal Reserve chair 3. Rapid US dollar strengthening 4. Technical factors showing a U Long-legged Doji pattern Long-term gold price projections remain optimistic. The current price drop is seen as a buying opportunity. Recommended strategy is to gradually accumulate gold at initial entry points of $4,300-$4,500 (approximately 67,000-69,000 baht in Thai gold prices). The analysis notes ongoing selling pressure and high market volatility. Despite potential short-term risks decreasing, such as geopolitical tensions between the US and Iran, the market remains complex. The potential appointment of Kevin Warsh, perceived as a hawkish candidate, could impact Federal Reserve interest rate policies. Gold continues to be an attractive investment, delivering a 64% return in 2023 and a 13% return in January 2024. Central banks remain major gold buyers, with ongoing trends of currency devaluation and de-dollarization supporting gold's value.