Critical warning for gold: Will the decline continue?

Economist Assoc. Prof. Dr. Filiz Eryılmaz evaluated the activity in the gold and silver markets during her appearance on Sözcü TV. Offering important warnings to investors, Eryılmaz shared critical levels for buying and selling.

Eryılmaz noted that gold and silver prices had recently risen in an irrational manner due to the FOMO (fear of missing out) effect. Stating that investors began buying out of fear of missing out once gold prices exceeded $3,500, Eryılmaz said this situation led to a correction movement. She also added that expectations regarding a trade agreement between the US and China triggered the sell-off.

Stating that a move above the $4,100 level for gold could be suitable for buying, Eryılmaz emphasized that the 5,660 TL level is important for gram gold. Regarding silver, she stated that the $50 level must be surpassed and advised against making purchases at this time. She noted that selling pressure on silver continues and that selling could be considered after the $48 level.

Eryılmaz recommended that investors adopt a wait-and-see strategy, advising them to wait for the markets to enter a calmer period.

News Source: 12punto