While risk appetite remained low in global markets throughout the week; With the news of the “new economic stimulus package” from China, risk appetite recovered slightly. The main agenda of the markets is the Jackson Hole meeting, bringing together managers from the world’s central banks. The meeting starts today and runs through Saturday. At the Jackson Hole meeting, the session that will be held by Federal Reserve Board (Fed) Chair Jerome Powell at 5:00 p.m. Turkish time will be crucial.
Gold price per ounce moved under the pressure of the dollar all week. ounce of gold on Monday, with the effect of strengthening the dollar index; It fell to $1727, its lowest level in about a month. In today’s transactions, the yellow mine hit the highest level of the week, reaching as high as $1765. The gold investor now held his breath, concentrating on Powell’s speech tomorrow. In the case of falconry news, from Powell’s speech; The dollar is expected to strengthen due to the safe-haven effect and the ounce of gold is expected to fall due to the inverse correlation effect. In the opposite case, the price of gold can rise.
class=”medianet-inline-adv”>
The Fed does not have a meeting in August. The next meeting of the Federal Open Market Committee (FOMC), which sets the bank’s monetary policy, is on September 21-22. Looking at market pricing, the Fed is expected to hike rates by 75 basis points; Leading into the September meeting are non-farm payrolls and inflation data as key economic data. The Fed is expected to base its rate hike decisions in light of this data.
GRAMS OF GOLD RISING
While the price of gram gold started the fourth trading day of the week with a surge; The daily high was 1031.37 lira and the low was 1020.72 lira. Grams of gold, while moving higher on the rise in the dollar and ounces of gold, stood at 1029.82 liras as of 1:16 p.m., up 0.81 percent. In the same minutes quarter gold is traded for 1692 lire and republican gold for 6,000 966 lire.
class=”medianet-inline-adv”>
While gold gram prices hovered around the 1023 lira level at the close of the Turkish markets yesterday; started the new day at the level of 1025 lira.
$1,760 UNDER ONS IS CRITICAL
Murat Ozsoy – Founder of Biz Financial Consulting
The most anticipated development under the ounce this week will be the Jackson Hole meeting, which will begin on Thursday, followed by Fed Chair Powell’s speech on Friday and signals that the Fed’s rate hike policy will move forward aggressively.
Gold ounce prices were pushed down this week as the US Dollar Index retested the 109 level. After the support that was at the lowest level of $1727 under this pressure, the US Dollar Index rallied with the effect of regression and recorded above $1760, which makes me believe that ounce gold has a strong potential, an upside path to search ‘.
class=”medianet-inline-adv”>
If the gold ounce fails to close below $1727 despite possible hawkish messages from Fed Chair Powell and retest this trend above 1760; I think we can easily see over $1800 next week.
I’ve mentioned the importance of the 1022TL level many times in my previous comments under Gram. In fact, it’s over now. If my ounce-gold scenario above proves true, the first sub-gram target would be to settle at 1028 TL, considering the dollar-TL upside path. If the opposite happens and the payout is up to 1000 TL or even below 1000 TL, this is not bad news for investors as new buying opportunities are on the agenda.
class=”medianet-inline-adv”>
THIS VIDEO MIGHT BE INTERESTED
#Gold #investor #held #breath #waiting #conversation
No comments:
Post a Comment