The collapse of Silicon Valley Bank was the biggest bank failure since the great financial crisis of 2008. Following this development, safe-haven demand triggered a rally in gold prices and the yellow metal gained new momentum. In the meantime, a slight upward movement started in the Dollar/TL currency pair of gram gold. The strong increase in ounce gold and the movement in the Dollar/TL rate pushed the gram gold price up by more than 2% on a daily basis. Market expert İslam Memiş, who made a market assessment before these developments, talked about higher prices and pointed to June.
“There may be a bottom level of $1.780-1,790 under ounce”
cryptocoin.comAs you can follow, all markets are under the influence of strong waves. The cryptocurrency market was shaken by the bankruptcy of crypto-friendly Sivergate, followed by a bank crash of Silicon Valley Bank, where USD Coin (USDC) issuer Circle held some of its reserve deposits, shocked all markets.
Before these developments, the hawkish attitude of Federal Reserve Chairman Jerome in his statements before the US Congress had influenced the markets and directed gold to the south. Starting his evaluations from this point, İslam Memiş draws attention to Powell’s signal that interest rate hikes will continue due to persistent high inflation. In this context, the strengthening Dollar index (DXY) says that it can rise to the level of 107.0.
Memiş states that with the appreciation of the dollar, the decline in the gold price may continue and it will follow the level of $ 1.788. In this direction, he states that the $1,780-1,790 level, which he sees as a strong support level, may be the bottom level. As a reason for this, he notes that he does not see the Fed-induced decline as permanent. As a matter of fact, ounce gold prices rose sharply after the Silicon Valley Bank incident, confirming Memiş in a way.
Expert’s ounce and gram gold price predictions
Islam Memiş thinks that inflation continues to be high in countries and that aggressive front-loading interest rate increases do not work very well. Therefore, he believes that gold can continue to find support. In line with these views, Memiş predicts that the ounce price of gold may rise above $2,000 – $2,250 in the medium and long term. Because, according to the market expert, the ounce price of gold continues to be below its value, which may cause the recovery to be rapid.
Islam Memiş then looks under the gram. The market expert says that he is following the range of 1.100 TL to 1.150 TL on the gram gold side in the short term. However, with the support of the expected rise in the ounce leg, he predicts that gram gold may rise to the levels of 1,450 TL – 1,500 TL after June. Meanwhile, gram gold price reached the level of 1.140 TL with the sharp rise on Friday.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.