Do you really like to trade on gold? What motivates you to trade in gold? Your sentiment for political, economic, financial or technical factors related to price history. If so, at what price should you buy or sell gold today?

Last night, June 1, 2021, the price of gold fell from 1916.39 dollars per ounce to only 1892.23 dollars per ounce earlier this month. The reason for the drop in gold prices was due to a sharp rise in the manufacturing index, in line with orders from the US Institute of Supply Management. And the forces that push gold prices to change or change further include:

The US Federal Reserve bought 95 tons of pure gold in the first quarter of 2021.

Demand for gold in the technology sector was 81.1, higher than the previous five years average of only 80.9 tonnes.

Investment in physical gold and coins increased by 339.5 tons per year (+ 36% year to year).

The world’s official gold reserves increased by 95.5 tons, accounting for 23% of the first quarter of 2021.

In addition, the price of gold jewelry purchased by consumers rebounded  after Covid 19, an annual increase of 52%.

Gold supply fell 4% in the first quarter of 2021.

In the United States, commodity prices appear to be rising daily, a sign that inflation has risen in the last three months.

Some political and economic issues do not seem to be improving, such as the exercise of the Chinese superpower on Taiwan as a threat to control an island that the United States has taken action. Many warships seem to be ready.

An unresolved issue suddenly reappears in the presence of North Korean dictator Kim Jong Un, who has also stirred up politics, technology, military and the economy. Can the new Joe Biden administration prevent the re-emergence of this dictator?

Technically, gold breaks the high point and forms a new strong support, a new sign that indicates a good buy. Looking at the Moving Average 25 with the Moving average 200, it intersects with the above, a new sign that indicates a good buy.

he price of gold is still rising between $ 1850.00 per ounce to $ 1945.00 per ounce for a four-hour and one-day chart analysis. Also for today, I encourage you to wait to buy the gold odds at 1890.00 and set the risk management to 1884.00 and set target at 1900.00.

1st Support = 1896

2nd Support = 1890

3rd Support = 1884.19

1st Resistance = 1900

2nd Resistance = 1905.5

3rd Resistance= 1912

Analyzed by: Mr. Long Samnang, Independent Analyst