The gold market, influenced by factors such as the coronavirus variant Omicron and the decisions of central banks, seems to have experienced a slight decline. The gram gold, which broke the record with 778 liras at the end of November, is traded at 765 liras at the time of writing. An ounce of gold is around $1,776. So, where will prices go? We share the ounce and gram gold estimates of Tunç Şatıroğlu and İslam Memiş…
Tunç Şatıroğlu: Recent developments should not worry gram gold investors
Famous economist Tunç Şatıroğlu, who shared his comments on precious metals, says that the market has been dominated by uncertainty in the past weeks, and that this will continue for at least two more weeks. The most important factor behind this idea is the coronavirus variant, Omicron. He states that the uncertainty about this disease will spread to the market. However, according to Şatıroğlu, who said that these developments should not worry gram gold investors, even if there is a decrease in ounce gold, the rise in the dollar rate is enough to balance the gram gold price.
Şatıroğlu, according to his technical analysis, can start to rise if an ounce of gold is $ 1, 795; He states that if $ 1,801 is exceeded, it can rise even higher and in this case, there can be an increase towards $ 1, 877. As support, it draws attention to the levels of $ 1,778 and $ 1,754. He states that in case of a pullback, gram gold will fall to a maximum of 690 liras. Overall, he thinks the markets could rally if the Omicron variant has mild effects.
Islam Memiş: There is a strong possibility that an ounce of gold will rise to $ 1, 960
Cryptocoin. com, Gold and Money Markets Specialist Islam Memiş, whose analysis we shared, also evaluated the gold market. Memiş states that he is following below the level of $ 1,750 an ounce. According to the analyst, who mentioned the importance of inflation, recovery can be experienced in the medium and long term. Finally, Memiş pointed to the possibility of an ounce of gold to rise to the level of $ 1,960 after $ 1,724.