Gold Prices Likely To Reach 20,000 Baht Again: YLG

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YLG: Gold Prices Likely to Reach 20,000 Baht Again

YLG Bullion and Futures has indicated a strong possibility that gold prices may reach 20,000 baht per baht weight again.

President of YLG Bullion and Futures, Thipa Navawattanasap, has indicated that the company still maintains a positive outlook for gold prices this week.

Thipa pointed out that last week's speculative sale may have a short term effect on gold prices, and, as a result, the prices may reach the resistance price level of 1,410 U.S. dollars per ounce, and drive prices in Thailand to reach 20,000 baht per baht weight again.

Meanwhile, YLG has estimated a support price level of 1,370 U.S. dollars per ounce or 19,500 baht per baht-weight.

However, Thipa advised that if gold prices fail to reach the quoted support price level, investors should buy at the next resistance price of 1,350 U.S. dollars per ounce or 19,200 baht per baht weight, or 1,330 U.S. dollars per ounce or 18,900 baht per baht weight.

The YLG believes the quoted price levels will eventually allow the prices to bounce back strongly.

The YLG president also pointed out that the European summit on the public debt crisis must be watched closely.

The summit is scheduled for December 16 and 17.

However, Thipa does not expect any progress from the summit, as Germany and France have refused to take part in a plan to expand assistance funds and bonds if the summit fails to produce a measure to stabilize the European economy, which could drive gold prices even higher.

-- Tan Network 2010-12-15

[thrilled]

I'm A firm believer gold will be going up for the long term.You might see it go down A little but for the long term it's going up.

[old wanderer]

When I told my wife how much gold was in Thailand, she was really happy. She dug out all her gold stuff spread it around the bed, and decided she was rich.

Nice to have a happy wife, and I bought most of this over 10 years ago.

[JimsKnight]

Yeah, for those who got into gold early it's cool.

I feel for those who haven't had the money spare to invest in gold. It really is the open-secret for wealth creation in the long term.