While gold prices appreciated on the first trading day of the week; This week’s most important data is the US nonfarm payrolls data. Özsoy, the founder of We Financial Advisory, stated that the $1766 level is crucial for ounce gold prices and estimated that if this level is breached, the rise could accelerate.
Senay Zeren
As gold’s price per ounce began to rise, Federal Reserve (Fed) Chair Jerome Powell’s comments were far from a hawkish tone; The next day, with the surprise contraction in the US economy, it accelerated its gains and climbed to a 3-week peak, realizing the fastest rise since March. If we look at it on a monthly basis, an ounce of gold has decreased in value for four consecutive months; started the new month and first trading day of the week with a bearish dip to $1758; Then it flipped up.
Ounce gold continues to gain strength as investors abandon the dollar as a safe haven after the poor growth data and turn to gold. Murat Özsoy, Founder of Biz Financial Consulting, commented, “If gold prices per ounce can stay above the $1766 level, the upward momentum it has been gaining over the past few weeks will gain strength and speed.” On the other hand, the slowdown in the Chinese economy is also putting pressure on gold prices.
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CRITICAL DATA OF THE WEEK
The most critical data of the new week will be the US July nonfarm payrolls data, to be released on Friday. While the market expectation is 250,000; The previous data was at the 372,000 level. Non-farm payroll data is critical as it is one of the key dates the Fed monitors when deciding on economic forecasting. Data beating market expectations could bolster expectations that the Fed could accelerate rate hikes as US employment improvements continue. This in turn can strengthen the dollar in the world and depress gold prices with the effect of inverse correlation. If the data is weak, the Fed could slow rate hikes on anticipation of deteriorating employment. This in turn can support the price of gold.
THE LATEST SITUATION OF GOLD PRICES
Gold an ounce is today’s highest of $1774; saw the lowest level of $1758. An ounce of gold is currently trading at $1,773, up 0.42 percent.
gram gold prices while ending the last week at the 1017 lira level; started the first trading day of the new week at 1015 lira. price per gram; During the day, it recorded the highest level of 1023.85 lira and the lowest level of 1013.76 lira. Grams of gold, while moving higher on the rise in the dollar exchange rate and ounce gold prices, stood at 1023.69 liras as of 1:02 p.m., up 0.55 percent. In the same minutes, quarter gold is sold for 1,676 lire and republic gold for 6,891 lire.
MAY SPEED BELOW
Murat Ozsoy – Founder of Biz Financial Consulting
If gold ounce price can stay above the $1766 level, the bullish momentum it has been gaining over the past few weeks will gain strength. At the start of the new week, I think this scenario will materialize by breaching the $1762 level observed in the first few hours.
As long as the dollar index stays at the 105 level, if an ounce of gold can sustain above 1766 this week, the next strong resistance will be $1790. As long as US 10-year bond yields do not exceed 2.74 percent, positions can be held under the ounce. If it is above $1766 additional purchases can be made.
If there is a sharp acceleration in the dollar/TL exchange rate following this week’s inflation rate announcement, Grammgold will continue its journey above 1000 TL. As of today, there is no need to discard gram gold when making purchases under 1000 TL. Given the ounce gold scenario above and the inflation statement, the steps to be taken before Wednesday for new buying this week could be more profitable.
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