As we enter the last trading day of the week, investors are wondering what levels to see for gold. In this article, we present the latest statements on precious metal by Gold and Money Markets Specialist İslam Memiş and Selçuk Ergin, also known as Selcoin. Here are the details…
Islam Memiş: Markets are being manipulated
cryptocoin.com As we have also reported, tensions in China, Taiwan and the USA are affecting the markets at the moment. People are expected to cling to safe assets like gold, as such events create a sense of uncertainty. In other words, the expectation of an upward trend continues under the current situation. According to Islam Memiş, gold and silver are affected positively. However, he stated that there is manipulation in the markets in general and people are trying to draw their attention to a different side.
Pointing out that the markets are focusing on that wool with the tension between China and Taiwan, Islam Memiş said that the recession talks in the USA also had an impact on the issue. While drawing attention to the statements made by the FED members in a “hawkish” tone, he talked about the impact of the 75 basis point expectations in the next. In this respect, he pointed out that the markets were manipulated at some point. He also thinks that the market is trying to be busy with such events in the face of “inflation”.
What’s next for an ounce of gold?
He explained that in the current situation, gold and silver will continue to be positively affected due to geopolitical risks and recession. Islam Memiş reminded that before the FED decision, an ounce of gold was at $1,720. Currently, the value of an ounce of gold is around $ 1,775. Technically speaking, the $1,780 resistance level, breaking $1,780 could mean we’ll see $1,800. However, he states that at least a 2-night close above $1,780 is required for the uptrend to continue.
He also shared his comments on how the expected decision of the FED will affect the market. According to Memiş, after the next interest rate meeting, an increase of 50 basis points may occur, not 75. It is stated that this situation may affect commodity prices positively. This year, he thinks it “wouldn’t be surprising” for gold to rise above $2,000 at some point. Therefore, he states that levels below $1,750 offer a “buying opportunity.” Lastly, Islam Memiş states that factors such as the high dollar/TL rate and the high ounce of gold have a positive effect on gold and silver on a gram basis. Although it does not expect a big fluctuation in August, it expects a big movement in September. Islam Memiş uses the following expressions:
Investors need to prepare for September in case there is a downward sag in August. As of September, recession, geopolitical risk and inflation pricing may start again in all global markets. Especially as of September, I observe a very high probability of the beginning of a serious negative process in all global markets.
Selcoin sees ‘explosion’ under gram
On the other hand, market analyst Selcuk Ergin (Selcoin) seems to predict a rise for gram gold. The analyst thinks there are good signals in the first days of August. Pointing to the global crisis in Taiwan and China, he draws attention to the crisis environment. The analyst, who thinks that gram gold will “explode badly”, thinks that the reason behind this is the US dollar index. The analyst said, “There are those who invest and make profits right now. Do not fall into the trap of those who say to collect at 900 and sell for 1000 lira. The decision-making power is entirely yours. They are just beginning their ascent,” he said.
Selcoin states that he does not agree with the “do not buy gold above 1,000 lira” narrative. Talking about the attack of gold above 1.008 lira, the expert says that there will be local movements in the short term. He states that in case of a rise, it is reasonable to buy over 1.023 liras and can be stored for 4 months.
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