Poon said that the market is in a risk-on state, which might slow the baht’s weakening if foreign inflows rise. Also, the baht may gain short-term support from gold sales if the price exceeds its resistance level at $1,700 per ounce, he added. He said the baht could swing sideways or strengthen in the short term, as daily and weekly graphs show signs of bearish divergence. He also advised watching for weak liquidity in the market that could drive baht fluctuation and sideways swings in a wide range.
