Dates Given for Gold Prices: Beware of These 4 Valuable Assumptions!

Gold prices remain well below the 200-week moving average, amid expectations that the Federal Reserve will continue to raise rates at historically large rates in the face of strong inflationary headwinds. It closed from the lowest level in more than two years on Friday, as the dollar rose to a two-year high following the Fed’s latest increase in US interest rates last week. All right, what’s next? Here are the expectations of four analysts for gold…

Graphs to consider for gold prices

TD Securities analysts pointed to the continued exits of money managers and ETF holdings from the gold market. Therefore, he argues that this situation will create a burden on prices. He said that prices will be weak in this context, but that the price action of precious metals may need to decrease further as the restrictive rates regime lasts longer. On the other hand, analyst Ross J. Burland conveyed the expectations from a technical point of view. According to the analyst, the price is gradually decreasing on a monthly basis and there are some critical levels in shorter timeframes as well as monthly patterns.

A break of $1,577 will result in $1,512, according to the analyst. On the other hand, following the breaking of the critical structure, the weekly chart points to a similar scenario towards the $1,632 support. According to the analyst, the daily chart is decorated with an M pattern, which indicates a reversal pattern that could pull the price back before the downside move. The hourly chart, on the other hand, has already seen a correction. If the bears commit to breaking below $1,650, the drop could come in a much earlier form.

What do futures refer to?

Open positions on the gold futures markets have resumed the downward move, decreasing by just 834 contracts on Monday, according to data from CME Group. Volume followed suit, dropping around 28.4k contracts after four consecutive days of moves. Gold prices started the week on the defensive amid declining open interest and volume, hinting that further losses are not favored and therefore a potential rebound.

Descriptions of Islam Memiş and Ramazan Kurtoğlu

Gold and Money Markets Specialist İslam Memiş warned investors. According to the expert, investors should stay away from the dollar in October. On the other hand, according to the expert, the gold prices appearing on the screens are deceptive. In general, the analyst is of the opinion that investors should turn to euros and pounds sterling, not dollars, to invest.

Finally, Istanbul Aydın University Faculty Member Ramazan Kurtoğlu made a post about gold from his social media account. According to the expert, “there is a wonderful global game on gold and precious metals”. Kurtoğlu argues that some countries, including China-Russia-USA-Germany-England, collect gold underhand. As a result, he tells his followers, “don’t panic and don’t lose your assets.”

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisment

Most Popular