Gold prices rose on Friday and headed for a second consecutive weekly gain, supported by the weakening dollar and US Treasury yields. Alongside the gold, which closed the week at relatively high levels, fears of aggressive policy tightening by the US Federal Reserve (FED) eased slightly. Meanwhile, Gold and Money Markets Specialist İslam Memiş explained what investors should expect. Here are the details…
What’s next for gold prices?
Many investors are researching and waiting for expert comments on which direction gold prices will go now. Known for his statements on the subject, İslam Memiş made statements on gram gold and said, “We are at a critical point”. The expert name, mentioning the dilemma in gold prices, drew attention to the pressure on the precious metal. As we reported on Kriptokoin.com , Memiş, who had predicted various levels correctly in the precious metal before, stated that he expects a rally in cryptocurrencies in June.
Stating that due to the pressure on the exchange rate in April, the expert stated that he currently accepts the exchange rate attacks normally, for the dollar, “Upward attacks are likely in May, June, July. We are likely to see this peak level by July,” he said. If the Treasury and Finance Ministry announces a new package, it thinks that the dollar can be seen between 16.40 – 16.60, if not, it can be seen between 16.80 – 17.00.
Islam Memiş: You will not find gram gold below 900 lira
The expert said, “Those who do not believe the exchange rates will fall but those who want to invest in foreign currency should review the parities,” and that the pressure under ounce continues. draws attention. Although it points to $1.835 as the support level under an ounce, he does not think that a downward movement will take place for a long time and adds the following:
I think an ounce of gold that wants to settle between 1880 and 1980 dollars after the FED’s interest rate decision will be before us. Under ounce, my expectation is upwards. Gram gold, on the other hand, continues to receive support from the dollar rate. You will not find gram gold below the 900 lira level. Net. It is impossible after that. […] I foresee the level of 1200 lira in July and the level of 1450 lira by the end of the year.
