Investors beware! Is it possible to see 1500 TL values under gram? – Latest news
Milliyet.com.tr/ Gold prices continue to draw motion graphics after breaking a new record. So, are 1500 TL levels seen under grams? Here are the details…
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Making statements on the subject, Ata Yatirim Treasury Manager Yalaz Özkanlı said: «Factory orders announced in the USA indicated a contraction of -0.7% in February. US factory orders have contracted three times in the last four months. This data pointing to a weakening in economic activity. Afterwards, we observed that the US yield curve receded due to recession concerns.
This decline in dollar yields led to the weakening of the US currency and the parallel increase in gold prices to $ 2,025.
Next week, US inflation data and Fed meeting minutes will be followed in terms of shaping future monetary policy expectations.
THAT’S WHY THE RISE IN GOLD PRICES?
Ceyhun Yavaş, Dynamic Investment Securities Research Specialist, used the following statements in his statement: «The banking crisis that we have followed in the USA in the past weeks, the rise in the expectations for the decline in the interest rate hike policy towards the Fed, the surprise production cut decision by OPEC brought the risk of recession to mind, and the employment data announced so far partially confirm the recession risk. We think it supports gold, which is perceived as a safe haven.
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CAN GRAM GOLD 1500 TL LEVELS BE SEEN?
When we look at the gram gold side, if the support levels of 1215 in the short term and 1170 in the medium term are maintained, it maintains its upward potential. We think that in order to talk about a psychological resistance level of 1500, first of all, it is necessary to maintain a permanence above the 1400 level.
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Gold prices continue to rise and have broken a new record. Experts are predicting that if support levels are maintained, gram gold could reach the psychological resistance level of 1500 TL, but it is necessary to maintain a permanence above the 1400 level first. The rise in gold prices is linked to weakening economic activity in the US, the decline in dollar yields, OPEC’s production cut decision, and the banking crisis. Inflation data and Fed meeting minutes are expected to shape future monetary policy expectations. Gold is perceived as a safe haven in times of recession risk.
