Gold and Money Markets Specialist İslam Memiş warned investors in line with the new developments in the market. The expert said that a decrease may be seen in the near future, but they will not be permanent. He also shared his new expectations under grams. Here are the details…
Gold and Money Markets Specialist drew attention to the BRSA decision
cryptocoin.com As we have also reported, the Banking Regulation and Supervision Agency (BDDK) announced in its statement on Friday that a regulation was made in the commercial loans of companies. After the announcement, retracements were seen in the price of the dollar and gold. The value of gram gold fell below the 1,000 lira level, which it has been above for a long time. The dollar, on the other hand, fell below 17 liras. Meanwhile, Gold and Money Markets Specialist İslam Memiş thinks that the declines due to the BRSA will not maintain its continuity.
Islam Memiş thinks that the bull trend has started in the markets. He even says that the decline seen after the BRSA decision brings a buying opportunity. The expert also announced his gold forecasts. After Friday, when gold fell below 1,000 lira, bullish signs were seen. Islam Memiş pointed out that the precious metal has benefited from the exchange rate so far. However, he now thinks that the movements on the ounce side will be effective. Memiş said, “I think it is necessary to be ready for a bull market on the ounce side for gold and silver prices.”
Explaining his forecasts, the expert said that the regression will provide a buying opportunity in the medium and long term. He thinks that the $1,780-1,880 range below may not be permanent. An ounce of gold is currently worth around $1,840. Memiş says that there will be an increase from these levels and that gold can follow the range of $ 1,880-1,980 per ounce. On the other hand, he states that the 950-1,000 lira range under grams may not be permanent. Instead, he states that ranges of 1,050-1,200 pounds can be seen. Islam Memiş generally thinks that a storm will start in September. He says this storm could intensify in October and November. For this reason, he states that the current low prices can provide good preparation.
What is the latest situation in the market?
Gold prices rose on Monday amid reports that Western countries are planning to officially ban metal imports from Russia. Four of the richest countries in the G7 moved to ban Russian gold imports on Sunday to tighten sanctions on Moscow and cut off the means to finance the invasion of Ukraine. The latest news has little effect on gold prices. August Comex gold futures start a new trading week in neutral territory. Following the announcement, US President Joe Biden said the new gold ban would deprive Russia of the tens of billions it needs to finance its war in Ukraine. Russia is the world’s second largest gold producer, representing 9.5% of the global supply.
