Gold price has been on the rise in the past week. The most important factor behind this move was the movement of the dollar and the announcements of the US Federal Reserve (FED). So what’s next? Here are the comments of Gold and Money Markets Specialist Islam Memiş…
What happened to Gold?
Gold price rose close to 3 percent last week. As expected, the US Federal Reserve raised two interest rates by 75 basis points to fight inflation. However, the US FED calmed the concerns about the upcoming rapid rate hike. He acknowledged softening economic activity by encouraging the purchase of a “safe haven” for gold.
The dollar index also suffered losses for the second week in a row. This also supported gold. cryptocoin.com As we have also reported, weak US GDP data also supported the rise in gold. So what’s next? Is the current state of gold suitable for buying? Gold and Money Markets expert, İslam Memiş, evaluated the levels that should and should not be taken in gram gold. He described the current market as a “last chance”. In addition, the expert drew attention to September and underlined that he expected a big break.
Gold expert expects downside in dollar
The expert name first begins his explanations with dollar estimates. Islam Memiş draws attention to the euro and sterling in terms of investment instruments as foreign currency. He thinks that the dollar will go down from the 17.84 lira level. As the reason behind this, he showed that the dollar index went up to 109 and had a pullback. In the current situation, Islam Memiş describes the excessive appreciation of the dollar and the year 2022 in general as “robbery”. Memiş used the following expressions:
The dollar was overvalued in the world, but in this process, friends, I say there is a robbery in 2022. The lies began to explode. Immediately after the Fed hiked interest rates, the Fed Chairman answered questions. They talked to Powell about the recession, but he was nervous, unable to give a clear answer. The Fed knows it’s populism. No matter how much interest rate increases, inflation figures did not decrease.
In addition, pointing out that the bubble burst with the announcement of the growth figures in the USA, the expert says that from a technical point of view, the US economy has entered a recession period. Stating that the 950-1,000 lira range of gram gold should be taken into consideration, the expert said, “What bombs will explode, we will see together” for September.
From what levels should he buy gold?
Stating that recovery can be seen in ounce prices of gold and silver, the expert states that 1.020 liras under gram is at the resistance level. However, he thinks that gold should not be bought at these levels. The expert says, “Oh, don’t buy grams of gold at the level of 1000 lira, there is a last chance in August.” He states that it will be possible to buy grams of gold under 1,000 liras in August. It reiterates its forecast of 1,450 pounds for grams and $2,350 for an ounce of gold by the end of the year.
