Clear figure for gold from İslam Memiş: He revealed the direction
A last-minute statement regarding gold prices has come from İslam Memiş. A new statement was made for gram gold, which recently refreshed its record. The expert analyst has issued a bombshell record forecast for both gram and ounce gold.
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Global markets continue to search for direction in line with developments in trade wars. The FED's interest rate policies will play a decisive role in gold prices. Money markets expert İslam Memiş has provided a date and level forecast for gram gold.
OUNCE GOLD AT A THREE-WEEK LOW
On Tuesday, the price of ounce gold fell to 3,310 dollars, testing its lowest level in the last 3 weeks. This decline was driven by a decrease in demand for precious metals as trade tensions eased and the US dollar gained strength.
Negotiations between the US and China are at the center of market attention. While it was announced on Sunday that a 15% customs duty would be imposed on EU products, new tariffs that will apply globally will come into effect on Friday. Talks are also ongoing with countries such as Canada and South Korea.
EYES ON THE FED
The US Federal Reserve is expected to hold an interest rate meeting this week. Although markets do not expect a change in current interest rates, the possibility of a cut in September remains on the table. At the same time, the PCE price index and non-farm payroll data to be released this week are also on investors' radar.
GOLD FORECAST FROM İSLAM MEMİŞ
İslam Memiş stated that the markets have divided this week into two parts: before and after Wednesday. Noting that the 4,470 TL level was seen in gram gold last week, Memiş reported that prices then retreated with a 100 TL correction.
Memiş explained the critical support level for gold with these words: “Gram gold is currently around 4,370 TL. The 4,350 TL level is the support point. Following this level, we expect a movement in the upward direction again.”
EXPECTATION OF SHARP FLUCTUATIONS AFTER THE FED
Money Markets Expert Memiş said, “The FED's interest rate decision will be announced on Wednesday evening at 21.00, followed by Powell's statements at 21.30. We expect sharp fluctuations in gold prices this week. However, we foresee the upward movement continuing after Wednesday because an interest rate cut is not expected.”
Reminding of his previous long-term forecasts, Memiş stated, “The trend we set for this year was the 4,500 TL level. In the 12-month period, the target for gram gold is 6,000 TL. We are maintaining our 4,250 dollar target for ounce gold.”