Gold traded in higher range near two-week highs after positive comments from Federal Reserve officials, a drop in the dollar index and some stabilization in US Treasury yields. The dollar has calmed down after falling to a one-month low in the previous session and is currently hovering around 102.20. Meanwhile, Gold and Money Markets Specialist Islam Memiş gave his comments on gold and silver.
Specialist drew attention to May, June and July for gold
Gold and Money Markets Specialist İslam Memiş, that an upward trend has been observed in gold since last week and therefore, those who sell lost their money. He says it’s at a time when he will. He thinks that he will follow a “waiting policy” in May, June and July and peak levels will be seen in July. He thinks that developments regarding the domestic economy will come to the fore, especially in June. Referring to the dollar rate
, İslam Memiş states that the rate has already passed the 16 level in the free market. “Despite the rise of the euro/dollar parity, the dollar rate is rising. It will be the euro/TL rate that breaks the 17 TL level above. It probably won’t come as a surprise. I said that the euro/dollar parity will rise,” he says.
İslam Memiş, expressing his expectation that gold prices will exceed 1,000 liras in July, states that “the upward trend has continued in May since we made the final in April”. Stating that the resistance level of 940 lira has been broken and now he is waiting for the 965 lira to be broken, İslam Memiş thinks that we will continue on our way with a figure above the 1,000 lira level in July. However, he states that there will be a break in June.
Can markets crash?
İslam Memiş also mentioned the ounce value of gold and stated that it was kept within the range of 1,800-2,000 dollars. He states that if it goes above $2,000, people will feel inflation more and financial markets will collapse. On the other hand, he states that if it falls below $1,800, all investors will not rush to gold and invest in their own fiat currencies. Therefore, he claims that central banks are suppressing the market. At the time of writing, ounce gold is changing hands at 1,856 dollars, gram gold at 963 liras.
