Market analyst Dhwani Mehta states that the gold price briefly broke from the price action in Treasury rates on Wednesday, but returned to its negative relationship with the US interest rates on Thursday. Gold largely ignores inflation data, according to Peter Grant, vice president of metals strategist at Zaner Metals. Gold expert Mehmet Ali Yıldırımtürk gives a date for 1.000 TL under gram. Analysts’ forecasts and comments cryptocoin.com compiled for our readers.
Important levels to watch for gold price
According to market analyst Dhwani Mehta, the precious metal has stalled its rise and is consolidating below two-month highs amid stronger yields. The analyst states that the risk-oriented mood of China due to policy easing also limits the gains of gold:
Although ten years of high inflation rates are supporting the gold bulls globally, the Russia-Ukraine crisis is also helping to maintain the lively atmosphere around the safe haven.
The Technic Confluences Detector used by the analyst shows that gold will face a dense cluster of healthy support levels around $1,835. The analyst says that this is the convergence of the one-day Fibonacci 23.6%, the pivot point one-week R1 and the four-hour SMA5. The analyst draws attention to the following levels:
If the downside pressure intensifies, the golden bears could challenge the critical support at $1,831. The previous month’s high coincides with the one-day Fibonacci 38.2% at that point. The next strong support is seen near $1,821. Alternatively, immediate resistance is aligned at $1,844, a two-month high. Above this, the one-week R2 pivot point is $1,850. The pivot point of the one-day R1 at $1,854 will be the next upside target for the gold bulls.
“Yellow metal focuses on how Fed will respond to inflation data”
According to Peter Grant, senior metal strategist at Zaner Metals, gold is largely ignoring inflation data and instead focusing on how the Federal Reserve can respond to it. The strategist makes the following assessment:
The yellow metal is often used as a hedge against inflation. Increasing geopolitical tensions with Russia are also providing support for gold.
When will gram gold see 1.000 TL again?
After a disappointing 20211 for investors, gold prices failed to make a satisfactory start to 2022. Expert Mehmet Ali Yıldırımtürk explains his views on how the precious metal price will move from now on as follows:
If the level of $ 1.835 is exceeded under an ounce, we can see the levels of $ 1.875.
As the $1,835 level was passed in the short-term gold rally on Wednesday, the expert’s target appears to be $1,875. Due to the fact that ounce gold is priced in dollars, the upward movement in the Dollar/TK exchange rate increases the gram gold prices. Mehmet Ali Yıldırımtürk also shares his forecasts for gram gold prices and makes the following comment:
We see that the citizens tend to a certain amount of gold. He prefers gold so that the value in his hand does not melt. We will probably see the level above 1,000 TL, which we saw in December, in the first or second quarter of the year. There is an expectation that gold will be in some demand due to its safe harbor feature.
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