Gold prices recorded new increases this week. The main reason behind this rise was mostly the Russian occupation of Ukraine. Many investors clung to the safe-haven asset due to the global crisis. So, is gold bought or sold in the current situation? What levels are visible? cryptocoin.com We are citing the comments of Gold and Money Markets Specialist İslam Memiş, who answered some of the questions in the minds of investors.
New highs coming for gold?
The conflict between Russia and Ukraine continues and this situation directly affects gold. An ounce of gold soared to levels not seen in two years, hitting over $2,000. At the time of writing, it has been withdrawn to $1,990. Gram gold is also traded over 900 liras. Islam Memiş gave the news that gold is ready for new highs and pointed out that aggressive rises may occur. He states that the rises are reminiscent of the coronavirus panic in 2020. As we reported earlier, people were wrapped up in gold at that time with the emergence of the new virus and many economic shutdowns.
Islam Memiş draws attention to the fact that the price of an ounce of gold at that time rose to $2,070. However, while everyone was waiting for $ 3,000 to be seen, the precious metal retreated to $ 1,678. Now, new highs are being talked about, but according to the expert, “For new highs, the rises should be gradual and the rises should be permanent on a weekly basis.”
Is there an opportunity to buy under grams?
On the other hand, Islam Memiş, repeating his annual forecast of 1,450 liras for gram gold, draws attention to the peak of 2,150 dollars in gold. Regarding whether there will be a buying opportunity in gold, Memiş recommends that those who have gold should not sell their assets, and points out that there may be more opportunities for buying in precious metal. According to Memiş, in the current situation, it is necessary to wait for the hazy weather to dissipate and to look at the interest rate decisions of the Fed and the CBRT. He states that there is a strong possibility that gram gold will fall below 900 liras and ounce gold below $2,000. For this, he says, those considering buying can wait patiently for a few weeks.
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