İslam Memiş points to buying opportunities for gold and silver

Financial analyst İslam Memiş evaluated the new week with a focus on gold, the dollar, the euro, silver, and bitcoin. Memiş said, "Are you ready? This week is your week." Emphasizing that his statements do not constitute investment advice, here are Memiş's predictions:

"Will gold prices drop again? I couldn't buy. Will the stock market see 10 thousand points again? I was expecting it to rise. I was looking for an opportunity to buy silver; will it drop this week?" This week is your week. Are you ready for profit-taking for those buying gold and silver, for rises in the stock market, and for profit-taking for bitcoin? On Tuesday, the minutes of the Federal Open Market Committee (FOMC) meeting held on November 6-7 will be released. Clues about how the Fed will decide at the next meeting will be sought in the meeting minutes. Growth data in the US and inflation data in the Eurozone are expected! Next week, the Dallas Fed Manufacturing Activity Index and the Chicago National Activity Index will be followed on Monday; the Federal Open Market Committee (FOMC) meeting minutes, the Conference Board (CB) Consumer Confidence Index, the Richmond Fed Manufacturing Index, and new home sales on Tuesday; and growth, personal consumption expenditures, personal income, weekly jobless claims, and durable goods orders on Wednesday. In the week of November 25, the IFO Business Climate Index will be followed on Monday; the GfK Consumer Confidence Index in Germany on Tuesday; the Eurozone Consumer Confidence Index and inflation in Germany on Thursday; and the Eurozone estimated Consumer Price Index (CPI) and the unemployment rate in Germany on Friday. In Asian markets, the leading index in Japan will be followed on Monday; industrial profits in China on Wednesday; and Tokyo inflation data, industrial production, the unemployment rate, and retail sales in Japan on Friday."

'WHERE THE OUNCE GOES, THE GRAM FOLLOWS'

Memiş wrote about the possibility of a decline in ounce gold and said, "Ounce gold closed at the 2,706 dollar level. This week, I will follow the 2,630-2,740 dollar range. There is a possibility of a decline again until the end of the year. The outlook is positive; I will see the declines as buying opportunities. Gram gold investors should still follow ounce gold. Where the ounce goes, the gram follows. Ounce silver (xag/usd) closed at the 31.22 dollar level. Since the Gold/Silver ratio (xau/xag) rose to the 86.66 level, it remained cheap compared to gold. Specifically for this week, I will be expecting a recovery in silver due to the ratio. This week, I will follow the 30.20-31.80 dollar range. Gram silver investors should still follow ounce silver. Bitcoin (BTC) was at the 97,361 dollar level. It is natural and normal for profit-taking to occur. You may see that there are levels of 85 thousand and lower below the 90 thousand dollar level."

News Source: 12punto