Gold held its ground yesterday after rising concerns over global inflation helped prices rebound from a two-week low in the previous session. Meanwhile, Gold and Money Markets Specialist İslam Memiş gave critical warnings to investors. Here are the details…
Expert warns against trading with fear and panic
We have entered a new month and many investors are wondering what levels are next for the precious metal. Gold and Money Markets Specialist İslam Memiş says that June is a “waiting month” and that investors should not “trade with fear and panic”. He thinks that the one who trades with fear will make a loss. As we have previously reported as
Kriptokoin.com , Memiş had determined the level of 980 lira as the “red line” under gram. Pointing out that the eyes are around 16.4 lira in the dollar, the expert pointed out that there is an unnamed product called “super bonds” in the markets. He thinks that if this is announced, the exchange rate may decline.
What are the support levels for gold?
Memiş pointed out that gram gold is affected by the developments in the dollar/TL parity and said, “We want to say this to the citizens who have TL. Guys, you’re late. Now you have to wait patiently. Don’t get hurt by taking culture headlong,” he says. Stating that the support level under grams will be 950 and then 940 liras, the expert wonders whether grams of gold will be withdrawn depending on the dollar rate when the new product is announced. Stating that in his own opinion, there will be a slight pullback, the analyst uses the following expressions:
Gram gold cannot be bought at 980 liras. Opportunities in the markets are endless. Sold when rising, bought when falling.
İslam Memiş thinks that in case of a decrease in ounce in June, investors will have a buying opportunity. He adds, “It is necessary to make baskets in order not to make losses in markets where there is movement.” Implying that gold and silver will rise in the future, İslam Memiş concluded his analysis by saying, “In today’s economic conditions, gold is very cheap, silver is free.” At the time of writing, ounce of gold is trading at $1,850, grams at 979 liras.
