After the US CPI data came in below expectations, expectations for a softening in the Federal Reserve’s aggressive interest rate hikes increased. After that, gold started a rally and climbed above $1,800. However, gold turned bearish as signals from the Fed pointed to a hawkish tone. There is a struggle at the limit of 18 TL in the Dollar/TL leg of gram gold. In this environment, gram gold changes hands at the level of 1.026 TL. Market expert İslam Memiş predicts an increase of around 60% for the end of the year.
“We are looking for opportunities at low levels to buy”
Commenting on the developments in the markets, İslam Memiş shares his views on the dollar rate and gram gold price:
The dollar/TL rate is 18 TL, and the gram gold price is 1030 TL. To buy, we follow lower levels. We continue to look for opportunities to buy at lower numbers. Technically, we’ll expect dips in August.
“There will be an explosion in gold, silver and cryptocurrencies”
Islam Memiş has an idea not only about the forehead market, but also about the cryptocurrency market. The leading crypto has upside targets for Bitcoin. The market expert expects a boom in gold, silver and cryptocurrencies in September. cryptocoin.comAs you follow, September is important because of the US interest rate decision. Even though he doesn’t say anything about it, Memiş probably means it. Continuing his statements in this direction, Memiş makes the following comment:
On the BTC side, I expect the level of $ 23,012. There is currently a 2.5% increase in value. For $27,000, $24,000 needs to be broken to the upside. In my opinion, cryptocurrencies continue to be suppressed. However, as of September, gold, silver and cryptocurrencies will explode.
“Gold gold price may be 1,600 TL at the end of the year”
Market expert İslam Memiş notes that the months of September and October will be very critical. According to Memiş, there will be high blood pressure and geopolitical risks will increase. The expert who makes such prophecies does not share any information about the reason for these predictions. However, he warns, “Oh, be careful”. Claiming that gram gold will reach 1,600 TL with an increase of approximately 60% by the end of the year, Memiş uses the following statements in his statement:
Now, the increase in the value of the dollar in international markets is inevitable. They did a small operation. They took out the gold. We also sold our gold. Of course we will again. We wait a few weeks. We are in no hurry. It is possible to see 1600 lira under the gram at the end of the year.
As you know, gram gold has two legs, ounce gold and Dollar/TL. Ounces to Dollar Index (DXY) generally have an inverse correlation. However, Memiş claims that the dollar will strengthen and gold will rise. However, the sharp increase in the price under gram is due to the strong increase in both ounce and Dollar/TL legs at the same time. It is difficult to say anything, as there is no data-based estimate in the statement of Islam Memiş. However, the expert’s claim is most likely based on a strong run with both legs.
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