Gold prices continue to move back and forth. Just as the way to $1,900 was cleared, the yellow metal faced the pressure of the rising dollar index (DXY) with the higher-than-expected US Non-Farm Employment (NFP) data and returned to $1,850 with a daily loss of close to 1%. While the ounce leg of gram gold is like this, the Dollar/TL leg continues its upward movement. In this tidal environment, an analyst from the Turkish market shared his gram gold forecasts.
“Great hurricanes are predicted to break out”
Kriptokoin.com analyst Selçuk Ergin, who uses the pseudonym Selcoin on Twitter, whose predictions we have included in the news, Youtube On his channel, he says that after referring to the inflation data announced on Friday, critical explanations were made about the hurricanes that will start in the markets. Drawing attention to the difference in inflation data, the analyst considers the 160% data of ENAG against the 73% data announced by TÜİK and claims that it is now on the way to 3-digit inflation. “Unfortunately, inflation will continue to climb. Be ready for the hurricane to break, warnings are coming. What is this hurricane?” says the analyst, making the following statement:
Inflation started to rise as countries printed money. The effects of the war between Russia and Ukraine will grow. It is predicted that big hurricanes will break due to reasons like this.
“Gold will reach 1.400 TL; I don’t buy gold at these levels”
Stating that gold and foreign currency have been safe havens for a long time, the analyst says that gram gold is at the top of the safe haven instruments. The analyst does not expect that gram gold is pushing the 1,000 TL level and that if the Super Bills were to be issued, it would not sag too much below the support level of 945 TL. Selcoin draws attention to the following levels for gram gold:
The 975 TL level provides minimal support for the exchange rate. However, that depends on what would happen in the opposite scenario. I say the same thing for those who exceeded the level of 1.000 TL for gram gold, together with the break in 920 TL, gram gold will reach 1.400 TL. Even in the Sledgehammer era, such a strong gram of gold has never been seen. The 980 level was an important support level. People got it from the top by making mistakes, but they took their losses. It is not correct to evaluate the product after rising. I don’t buy gold at these levels.
Analyst does not expect a serious relaxation in Dollar/TL rate
Analyst, who also looks at pricing on Dollar/TL leg of gram gold, said that 17 TL’s resistance indicates level. According to the analyst, the pair has not been this strong at the weekly closes. And the analyst detonates the bomb here and claims that the Dollar/TL will reach 20 TL in September. Technically, the analyst makes the following predictions:
There will be no sagging to 15.80 TL in USD/TL rate. I don’t expect relaxation since it closed at 16.44 TL. With today’s closings, the dollar opened the door to the rise.
