New Targets in the Gold Market: 8000 TL Expectation for Gram Gold
Expert Mehmet Ali Yıldırımtürk shared his projections regarding ounce and gram gold prices. He stated that the 8000 TL level for gram gold is on the table, driven by global risks and central bank policies.
Gold and money markets expert Mehmet Ali Yıldırımtürk shared his expectations for ounce and gram gold prices. He emphasized that the level of 8,000 TL could be targeted in gram gold under the influence of global geopolitical risks, central bank gold purchases, and movements in the exchange rate.
Short and Long-Term Targets for Ounce Gold
Drawing attention to short-term resistance points in the ounce gold price, Mehmet Ali Yıldırımtürk stated that after surpassing the 4,385 dollar level, prices would quickly break through the 4,400 and 4,425 dollar resistances to reach the 4,500 dollar level.
Emphasizing that with the exceeding of the 4,500 dollar threshold, 4,700 dollar levels would start to be discussed in the market, Yıldırımtürk stated that he does not expect the ounce price to stay below the 4,300 dollar mark for long in possible pullbacks.
Fed Steps and Year-End Expectations
It was noted that with the elimination of the uncertainty brought by the elections to be held in the US in November and the interest rate steps of the US Federal Reserve, the interest pressure on gold will decrease.
It was expressed that as of December or January, ounce gold could be in a movement towards above 5,000 dollars.
The 8000 TL Level for Gram Gold is on the Table
Sharing the expectations for gram gold in domestic markets, Yıldırımtürk said that currently, the levels of 6,780 to 6,800 TL are being tested.
He stated that if these resistances are broken, the levels of 7,000 TL, 7,150 TL, 7,500 TL, and subsequently 8,000 TL stand out as the nearest price targets.
Support Points in the Domestic Market and Fund Orientation
Stating that the 6,000 TL level forms a very critical support point during pullbacks, the expert noted that even a drop in prices to the 6,500 TL level seems difficult.
Expressing that money unwound from investment funds and the stock market is turning towards gold, Yıldırımtürk stated that increases within the scope of the Central Bank's exchange rate policy will continue to support gram gold.
Global Risks and Central Bank Purchases
He said that the Central Bank of China has made record-level gold purchases of 1,000 tons in the last 8 months, and other central banks are also accumulating gold.
He stated that trade wars between the US and China in the global arena, the Taiwan tension, the Russia-Ukraine war, and uncertainties in the Middle East keep safe-haven demand for gold alive.
Silver and Oil Markets Assessment
Noting that industrial demand for silver has calmed down and price movements are progressing indexed to gold, Yıldırımtürk reported that 63 dollars on the lower side and the 68 to 70 dollar range on the upside can be monitored in ounce silver.
Stating that news flows and speculative movements are effective on the oil side, Yıldırımtürk noted that prices could pull back to the 90 to 95 dollar levels, but upward probabilities in the 100 to 120 dollar band continue to remain on the table.