Ounce gold prices fell after US Federal Reserve Chairman Jerome Powell’s Jackson Hole speech. However, the consolidation of the Fed’s hawkish position has lifted the dollar’s sails. Meanwhile, the Turkish lira, weakened by the CBRT’s rate cut, lost more strength. While one leg is advancing, gram gold with one leg receding remained at 1.015 TL. Market expert İslam Memiş commented on the developments in the market and shared gram forecasts.
“Precious metals are under pressure and it continues”
In a television program he participated in, Islam Memiş said that the fall in gold prices will not be permanent, referring to the last speech of Jerome Powell. According to the expert, there is currently a technically unacceptable crisis and recession in global markets. The expert also notes that the US did not accept the technical recession. Continuing his evaluations from this point of view, İslam Memiş makes the following statement:
Fed Chairman Jerome Powell made the remarks at the Jackson Hole symposium on Friday. Here the stakes are high and he spoke of uneasiness. In this process, the Fed’s rate hike will continue. They will continue on their way with an increase of 50 or 75 basis points. The answers to these questions are important here. How long will this process take? Will they be able to suppress the recession? Will inflation fall? There’s a lot of uncertainty. There is and continues to be pressure on gold and other precious metals in the interest rate hike. However, I don’t think the declines will be permanent. It is possible to see an increase over $ 2,000 again in September and the last quarter of the year.
Significant levels for gram gold
Islam Memiş then looks at the Dollar/TL leg of gram gold. The expert reminds that the gram investor has to follow the dollar as well. He explains the reason for this by the fact that the gram is double-legged in dollars and ounces of gold. After that, Islam Memiş draws attention to the following levels for gram price:
Gram gold closed at the level of 1.020 TL. We are following the levels of 1.020-1,030 TL. Technically, 1.012 TL is a strong support in gram price. Above, there is resistance at 1.038 TL.
“Down in grams is difficult, peaks are possible”
Referring to the physical gold trading, İslam Memiş says, ‘gram investors should pay attention to this’, reminding the numbers on the market screens and the gap of 10-15 TL in the covered bazaar or banks. Later, Memiş makes the following prediction:
I hardly see decreases in grams. It is very difficult, especially under 1.000 TL. We can see peaks. It is possible for gram gold to rise to 1.200 TL and then to 1.450 TL.
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