On July 30, gold prices rose slightly. Making statements on the subject, Gold and Money Market Specialist İslam Memiş stated that the precious metal is cheap in the current situation. Here are the details and the expectations of the expert…
Activity continues in the gold market
cryptocoin.com As we have also reported, the US Federal Reserve (FED) recently increased interest rates by 75 basis points. Markets have been widely affected. Despite the drop, gold has done better in the last two weeks. On July 14, gold was trading at around $1,730 before dropping to $1,705. Gold dropped to almost $1,680 on July 21, despite rising $1,710 in the following days. It rose to $1,735 the next day. Gold then fell back to $1,715 by July 17 as the buying pressure returned. The precious metal rose as high as $1,770 today.
Support from a softer dollar and economic risks deepened. Also, gold rallied week-on-week amid growing confidence that the Fed could slow the pace of rate hikes. Then it hit the highest level in more than three weeks. Meanwhile, market expert İslam Memiş pointed out that the FED may start interest rate cuts in 2023. The expert pointed out that in 2023, we can see the opposite of what happened in 2022. The reason behind this was that the FED understood that it could not prevent inflation by increasing interest rates.
August, last chance to buy
The gold analyst stated that gram gold started the year at 785 liras, but is now at 1.015 liras both in the bank and in the Grand Bazaar. In other words, he pointed out that gold has increased by 230 liras in 7 months. He also said that he kept his long-term predictions of 1,200 and 1,450 liras. cryptocoin.comAs we have also reported, Islam Memiş has been saying for a while that gold will hit 1,450 liras by the end of the year.
Gram points to the dollar as support behind gold. Therefore, he thinks that those who follow gram gold should also follow the dollar. Stating that the next resistance level is 1,020 liras, İslam Memiş states that August is the last opportunity to buy grams of gold. Saying that it is necessary to pay attention to the scissors gap at this time, the expert thinks that potential sagging under 1,000 lira will be a last chance.
No pessimism for cryptocurrencies
Talking about cryptocurrencies after gold expectations, İslam Memiş says that he is not pessimistic about cryptos. For BTC, which broke the $24,000 level the other day, it points to the $27,000 resistance level next. In the cryptocurrency market, it is based on the possibility that the FED will cut interest rates in 2023. He says the Fed’s move is important for the uptrend.
