Year-end outlook after gold correction: 10,000-11,000 TL expectation for gram gold remains

The pullback following the sharp rise in gold prices at the beginning of the week has brought the question of "has the trend changed?" back to the market agenda. While ounce gold stabilized above 4,300 dollars after testing the 4,450 dollar level, gram gold is trading around 6,730 TL domestically.

Speaking to Habertürk TV, Gold and Money Markets Expert Mehmet Ali Yıldırımtürk interpreted the recent decline not as a breakdown of the upward trend, but as a correction and profit-taking following a rapid rise.

Ounce gold, which rose to 4,450 dollars during the week, fell to 4,312 dollars due to the impact of geopolitical risks originating from the Middle East and uncertainty regarding the ceasefire on the US-Iran front. The increase in the US military presence in the Gulf was also cited among the factors fueling risk perception.

Regarding the levels to watch for ounce gold, Yıldırımtürk stated, "If 4,385 is surpassed, we will see 4,400 again, but 4,300 and even 4,250 are important in pullbacks. These levels can be evaluated as a buying opportunity."

CRITICAL THRESHOLDS FOR GRAM GOLD

Domestically, 24-karat gram gold fell to around 6,730 TL after approaching the 6,800 TL level at the beginning of the week. According to Yıldırımtürk, the upward channel is maintained as long as it remains above the 6,500-6,600 TL band for gram gold.

The expert stated that if it remains above these levels, the 7,200-7,500 TL range could come onto the agenda for gram gold in the near term. Yıldırımtürk also said that they have not made any changes to their year-end expectations.

Accordingly, while the 10,000-11,000 TL range stands out for gram gold at the end of the year, the forecast that levels of 5,600-6,000 dollars could be seen in ounce gold is maintained. Yıldırımtürk's assessment indicates that the current pullback is read more as a breather for the market rather than a permanent change in direction.

News Source: 12punto