Expert warns investors: Date given for 'major' rise in gold!

As volatility in gold prices continues, investors remain closely focused on market developments. Gold and Money Markets Expert Mehmet Ali Yıldırımtürk shared his assessments regarding the gold market during a live broadcast.

EVALUATED THE ACTIVITY IN OUNCE GOLD

Stating that no investment vehicle will rise without interruption, Yıldırımtürk noted that gold, which showed a rapid rise at the beginning of the year, has influenced both investor behavior and pricing.

Explaining that the pullbacks seen in ounce gold are due to margin call sales linked to end-of-month contract transactions, Yıldırımtürk included the following statements in his assessment:

'The 4,500 dollar per ounce level is technically a very important support level. Even though temporary declines occur, gold turned its direction upward again after these sales ended. As of the summer months, especially towards the end of June, there could be a recovery. I am of the opinion that we will see the 4,750 dollar levels again in a short time.'

EYES TURNED TO AFTER SUMMER

Stating that high interest rates and inflation expectations are effective in gold maintaining its strong appearance in global markets, Yıldırımtürk noted that the fact that oil prices are hovering at high levels also increases inflation concerns.

Expressing that the main period of rise in the markets could begin in the second half of the summer months, Yıldırımtürk stated the following:

'I think the main rise will occur from mid-August through September and October. A similar process was experienced last year as well. The uncertainty that will be caused by the Senate midterm elections to be held in America at that time will be directly reflected in prices.'

EMPHASIS ON CENTRAL BANKS

Stating that gold continues to come to the fore in the search for alternative currencies that can be used instead of the dollar on a global scale, Yıldırımtürk said that central banks, as well as individual investors, are in the position of significant buyers.

Expressing that for this reason, the fundamental outlook of gold continues to remain strong, Yıldırımtürk added that the precious metal continues to see long-term demand.

Editor's Note: The information, comments, and evaluations contained in this news are not within the scope of investment consultancy. The news content does not constitute investment advice.

News Source: 12punto