Strong recovery after shock reduction

After falling to a 1-month low, gold prices recovered and returned to upward momentum.

At 8:30 am this morning on March 31, according to Vietnam time, the world gold price stood at 1,927 USD/ounce, up 5 USD/ounce compared to the same hour last morning. Before that, the market witnessed precious metal prices plunge to the area of ​​1,890 USD/ounce, the lowest price in the past 1 month. However, since the morning of March 30, the gold price has recovered, sometimes reaching the threshold of 1,938 USD/ounce.

Crude oil price recovered strongly from the lowest level of 98.44 USD/barrel which is considered as the factor that made the precious metal market increase in today’s session. Nymex crude oil price increased again and traded around 107.5 USD/barrel.

Additionally, lower US Dollar Index and 10-year US Treasury yields falling to 2.35% also benefited gold.

Gold prices are holding on to a positive even as momentum in the US labor market remains steady, with private sector job numbers rising more than expected. In March 2022, 455,000 jobs were created in the US, in line with previous forecasts, and down slightly from 486,000 in February.

Analysts say the precious metal’s uptrend remains intact if prices can hold above $1,925 an ounce. However, they also note that gold is facing challenging resistance around $1,950 an ounce.

According to experts, technically, if gold loses the important support level of 1,908 USD/ounce, it will head towards 1,882 USD/ounce. If this threshold is breached, the sell-off will take place at a very fast speed.

On the other side, if it returns above the $132.90 mark, the buyers will have the motivation to return. Sufficient buying force will push the market to the resistance levels of 1958.70 USD/ounce and then 1972.50 USD/ounce.

Gold price recovers

In the domestic market, this morning, Saigon Jewelry Company listed the price of SJC gold buying and selling at 68.15-68.87 million dong/tael, up 150,000 dong/tael compared to the close of yesterday. via.

Gold Doji listed gold price at 68-68.8 million dong/tael, an increase of 100,000 dong/tael in buying and 150,000 dong/tael in selling compared to yesterday.

Phu Quy SJC listed the gold price at 68-68.8 million dong/tael, unchanged from the last session.