The price of gold, which rose to $ 1,870 in mid-November, decreased by 4.5% in the past three weeks to $ 1,789. This movement on the ounce side is mostly associated with the expectations that the US Federal Reserve (Fed) will increase the tapering speed at its meeting on December 15 and pull the timing of the interest rate hike earlier. Eral Karayazıcı, Inveo Portfolio Fund Management Manager, and Murat Özsoy, Co-Founder of Biz Financial Consulting, share their predictions for the future of gold prices. we too cryptocoin.com compiled for our readers.
Fed expectations remain decisive for gold price
Eral Karayazıcı thinks that if the gold price drops to around $1,625 in the first half of 2022, it will be an interesting level to take risks. However, according to the Fund Management Manager, the second half of 2022 seems to be a more favorable course for permanent value increases on the gold front. Eral Karayazıcı draws attention to the following levels:
On this front, which has spent the past 18 months fluctuating mainly in the $1,700-1,900 band, I find it highly likely that this will continue for a while.
Murat Özsoy thinks that the real move for the ounce gold price may occur after the announcement of the Fed meeting decisions on December 15. Last week, the US Federal Reserve (Fed) Chairman Jerome Powell said in his presentations that an increase in tapering speed could be considered, put pressure on the gold price and gold fell to the level of $ 1,761. Murat Özsoy states that this pressure still continues and says that the price is likely to continue to remain below $ 1,800. The expert points to the following levels:
If there is a break below the $1,792 level, which is in the process of trying to break out of the $1,790 level, there could be a faster convergence towards $1,800.
However, given the increasing expectations that the Fed will increase interest rates in 2022, the expert states that there are also hesitations regarding the realization of this situation. Murat Özsoy, on the gram gold side, says that if the 10 percent increase in the USD/TL rate seen in the past weeks comes to the fore again, levels above 800 TL will be possible, but there may also be interventions from the monetary authority that will bring the rate down and be effective.
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