Gold investors are waiting for various explanations in terms of affecting the price of the precious metal. This week, before the US inflation data to be announced today, Investment Specialist Yusuf Kavak gave his comments on gold. cryptocoin.com We share the details as…
Investment expert shared the levels that gold can see
Investment expert Yusuf Kavak evaluated the strict attitude of the Central Banks towards the monetary policy of priority towards the markets. The expert name, the European Central Bank’s signal of monetary tightening and geopolitical tensions, except for the US Federal Reserve (FED), are pulling the risk appetite back. For this reason, implying that there is suppression in stock markets and risky assets, Kavak talks about investors turning to ounce gold, one of the safe-haven assets.
Citing the levels he expected for gold, which changed hands at $ 1,830 at the time of writing, Kavak thinks that $ 1,849 can be followed technically as the first resistance level. He states that 1.869 and 1.877 resistances must be broken for the medium-term movement to gain momentum. On the bearish side, he says that if the precious metal dips below $1,810, support levels around $1,795 and $1,782 could be viewed.
Expert: It is useful to focus on inflation data for gold
Yusuf Kavak points to new data that will shed light on the hardening of monetary policy by major central banks, statements from major banks, especially the Fed, and the US CPI data as developments that can be followed for the movement in the market. On the other hand, he states that developments such as the Russia-Ukraine tension should be followed. However, he thinks that if the risk appetite recovers, there may be losses in the value of gold.
Noting that the reason behind the failure of gold ounces to be suppressed despite the US bonds’ peak in the last two years is the continuity of risk appetite, Kavak states that this sentiment may continue in the short term. Finally, if tightening expectations for major central banks and the rise in bond yields continue; He states that there will be re-selling pressure under the ounce. For this reason, he says that as long as $ 1,877 is not exceeded, upward movements can be limited and a rapid collapse can be seen with the tightening of the central banks.
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