Precious Gold Price Estimation: These Numbers Await!

A week after the Fed raised US interest rates by 75 basis points on September 21, analysts began to share their new assumptions for the gold price. In the middle of these are the famous finance expert İslam Memiş, Credit Suisse analysts and TD Securities strategists. Now let’s move on to the assumptions.

“Wait for these numbers for gold price”

Islam Memiş, who is among the first names that come to mind when finance specialist is mentioned in Turkey, shared a new gold claim. The famous analyst urged investors to buy gold. Accordingly, Memiş suggests that a great rise has begun in gold. According to Memiş, the gold price per ounce unit created the base levels. Therefore, the analyst expects a rise in the coming period. According to Memiş, gram gold will go real at prices above 1,000 liras. The analyst’s estimate is 1,020, 1,040 and 1,060 lira, respectively.

However, Memiş warns investors that decreases below 1,000 lira are not permanent. According to him, these are just minor corrections before the uptrend. Memiş, who also makes a claim for silver, predicts a price of 10-12 liras for gram silver. According to the analyst, central banks were consciously suppressing commodities such as gold and silver. But this is no longer possible. Koindeks.comAs we have reported, Memiş is betting on a global economic collapse.

“Beware of these levels”

Here, analysts at Credit Suisse share a different estimation than Memiş. Analysts see a “double top” pattern for the gold price, indicating further weakness for that price. According to them, the precious metal is now hovering below both the 55-day and 200-day averages. An ounce of gold is currently trading at $1,726 to $1,827. At this point, Credit Suisse analysts predict a drop to the base at $1,618. They then expect gold to hit the $1,560 level and finally the $1,451 level.

However, according to Credit Suisse analysts, there is also a chance for an uptrend. According to them, the ounce gold price can make a convincing break above the 55-day average of $ 1,726. If that happens, the selling pressure on the expensive metal will ease. At this point, the next resistance on the uptrend will appear at the 200-day moving average at $1,827.

“Downside risk increases for gold price”

TD Securities analysts also shared their forecasts for the gold price. In comparison, the upside potential of the precious metal is extremely finite. Because the expectations of the FED to tighten with a more aggressive policy increase the anxiety. “Interest markets are pricing in the potential for high interest rates to persist for a while,” analysts say. They also predict that a steady Fed rate hike will lower the price. According to them, the increase in the persistence of inflation suggests that a restrictive policy may take longer. This indicates an obvious weakness for the gold price.

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