World gold prices are still fluctuating around the psychological level above and below 4,000 USD/ounce, as investors are looking for a clear direction after a series of hot increases. This is a price zone that is both technical and psychological, because just a slight slide can trigger a deep correction, or vice versa - opening a new wave of increase towards 4,200 USD.
According to analysts, the fact that gold prices have "stuck in place" in recent days is a sign that the market is self-adjusting after a period of excitement. Many investors call this a "cooling" or "bubble cooling" phase - the necessary process for gold to regain a solid foundation for the next increase.
If the support level around 3,950 - 3,980 USD is penetrated, the scenario of a decrease to the 3,800 USD zone is completely possible. This is also a milestone that previous technical models have warned of after gold gradually escaped the triangle pattern.
Conversely, if cash flow returns and exceeds the 4,050 USD mark, the market can head straight to 4,200 USD - the price that many investors are expecting.
However, experts say that the upcoming rally, if any, should take place in a "heavy" manner, instead of exploding too quickly. A strong increase can make the market "exhausted" and reverse quickly.
We are at the threshold of a major change. There is currently no reason to sell fake gold, but we also need to be very careful. If the increase is truly confirmed, the possibility of heading towards $4,200 is real. If not, prices could continue to move sideways to accumulate energy, said Fxempire gold analyst and gold price forecaster Christopher Lewis.
Market sentiment is still divided: Khups believe gold is creating a solid foundation around $4,000/ounce to prepare for a new bounce, while sellers believe that this price range is too expensive and is easy to take profits.
Regardless of the scenario, observers agree that this period of conflict is a "golden time" for strategic decisions: Either a stepping stone for a new record, or the beginning of the deepest correction since the beginning of the year.
Currently, as of 8:37 a.m. on November 7, Vietnam time, the world gold price is trading around 3,997.16 USD/ounce, up 13.53 USD, equivalent to 0.34%.
Regarding domestic gold prices, SJC gold bar prices are listed at 146.4 - 148.4 million VND/tael (buy - sell).
The price of 9999 Bao Tin Minh Chau gold rings is trading around 145.8 - 148.8 million VND/tael (buy - sell).
The trend of finding safe haven in gold appears again
According to analysts, world gold prices have increased slightly again in recent days as investors have sought safe assets despite reporting that private jobs in the US exceeded expectations.
In fact, the trend of finding a safe haven appeared from the middle of this week when the global stock market was still somewhat uncertain.
Meanwhile, the US Federal Reserve (Fed) cut interest rates last week, and Chairman Jerome Powell said this could be the last cut this year. Gold often benefits in a low interest rate environment and times of economic instability.
