The gram price of gold is trading at the level of 489.4 liras after starting the day with a rise. Quarter gold is sold at 804 liras, and Republican gold is sold at 3,283 liras. Çayırlı, ALB Forex Research Manager, evaluated, “If the gram gold, which is close to the 490 resistance, is crossed over 492 liras, the downward trend that has been going on since the beginning of June can be broken.”
The gram price of gold, which gained value in parallel with the rise in the dollar rate yesterday, completed the day at 487.5 liras, 1.2 percent above the previous closing.
After starting the new day with a rise, the gram price of gold is trading at 489.4 liras, 0.4 percent above the previous closing, as of 11:00 am. In the same minutes, quarter gold is sold at 804 liras, and Republic gold at 3,283 liras. The ounce price of gold is currently at $1,792, 0.2 percent above the previous close.
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Analysts reported that despite the hawkish stance of the central banks of developed countries suppressing the ounce price of gold, domestic gold prices moved in an upward trend with the increase in the dollar exchange rate.
In today’s data calendar; Stating that there are weekly money and bank statistics in the country, the monetary policy decisions of the European Central Bank (ECB) abroad and weekly unemployment applications in the USA, analysts said that technically, the level of $ 1,790 in an ounce of gold is support and $ 1,810 is resistance.
DEGREE TREND CAN BREAK UNDER GRAMS
Emre Çayırlı – ALB Forex Research Manager
An ounce of gold fell to $ 1782 yesterday, following the statements made by the US Federal Reserve (Fed) members, with the perception that the Fed will adopt a tight monetary policy. Making a statement yesterday, Dallas Fed President R. Kaplan stated that the growth in the labor market may not slow down in the near term and the effect of the delta variant will not be long-lasting. Stating that the current fiscal policy measures are sufficient and the Fed’s bond-buying program is not suitable for the economic situation in the country, Kaplan said that the Fed’s monetary policy will be reversed in early October unless there is a “fundamental change” in the economic outlook at the Federal Open Market Committee meeting to be held at the end of September. Emphasizing that he would support the conversion caused a depreciation in the gold price.
Another hawkish view came from New York Fed President J.Williams. Despite the slowdown in the recovery, Williams said yesterday that the economy believed it was appropriate for the Fed to start tightening its bond-buying program this year, was seen as the reasons that strengthened the dollar yesterday. In the domestic market, after the presentation made by the President of the Central Bank of the Republic of Turkey (CBRT), the re-emergence of the inflation and interest issues caused an increase in the Dollar-TL rate, and the ongoing horizontal movement in grams did not deteriorate and even increased compared to ounces of gold.
Technically, the 1790 and 1775 levels are followed as important support zones for an ounce of gold. In case of crossing above $1800 per ounce, which maintains the long-term uptrend, we can see purchases towards the $1830 region. In the near term, the $1830 resistance is an important threshold zone.
Gram gold pricing continues between 490-480 liras in a narrow area. If the gram gold, which is close to the resistance of 490 today, is passed above 492 liras, the downward trend that has been going on since the beginning of June can be broken. Therefore, in case of exceeding 492 liras due to the increase in the dollar-TL exchange rate, we can see that the value gain under grams continues towards the region of 497 – 500 liras.
Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.
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