Gold prices started the new week with gains in value. While the US Nonfarm Payrolls data stands out as the most important data of the week; It is also expected to be decisive in terms of the price of gold. Murat Özsoy, co-founder of We Financial Consulting, assessed all scenarios for Bigpara.
On the first trading day of the new week, the price of an ounce of gold is moving in a narrow band due to increased risk appetite in global markets. The most important data of the week is the May US Nonfarm Payrolls data, which will be released on Friday. While the market expects US employment to rise by 320,000 in May; previous data stood at 428,000, beating expectations. Again, strong data should strengthen the dollar index and suppress gold prices with the inverse correlation effect. In his assessment of the important data that will be announced this week, Murat Özsoy, co-founder of Biz Financial Consulting, said: “I do not expect a significant increase in the ounce of gold this week. In bearish moves, a downtrend will only begin if it is below $1857. »
THE LATEST GOLD PRICE SITUATION
While the ounce of gold is at the highest level of 1864 dollars today; saw the lowest level of $1848. An ounce of gold is trading at $1857 with an increase of 0.21% in the minutes that follow.
The price per gram of gold, which started the new day with a rise; During the day, it saw the highest level of 981.25 liras and the lowest level of 966.70 liras. While the gram of gold is moving upwards under the effect of the rise in the rate of the dollar and the price of an ounce of gold, it stands at 978.23 liras with an increase of 1.41% to 5:20 p.m. In the same minutes, the quarter of gold is sold for 1602 lire and the gold of the Republic for 6 thousand 595 lire.
Gold price in grams, while ending last week at the 965 lira level; started the first trading day of the new week at 979 lira.
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1862 DOLLARS UNDER ONS IMPORTANT
Murat Özsoy – Co-founder of Biz Financial Consulting
At the start of the new week, I can say that the $1862 level is working as an important resistance this week, as I mentioned last week, for the ounce of gold testing the $1862 level. Unless there is a close above $1862, there can be no talk of further bullish momentum below the ounce.
EYES WILL BE ON US EMPLOYMENT DATA
This week, the global macro calendar focuses on US labor market data, which will be released on Friday. US manufacturing and services PMI data will also arrive on the same day. I’m waiting for the data to strengthen. This could strengthen the US Dollar Index a little further from where it started this week. I don’t think there will be any data that will require risk aversion this week. For these reasons, I do not expect a serious rise on the side of the ounce of gold for this week. In the downward moves, a downtrend will only begin if it is below $1857.
I stand by my point last week when I said I supported the decisions to hold gold gram assets and act with the uptrend. Under the influence of more dollars/TL, the grams of gold, which exceeded 975 TL, are approaching the limit of 1,000 TL over the days, with the prediction that the rise in the exchange rate will continue, but it’s early to see it this week. I think the gold gram will move into the 960TL-985TL band this week. If there is a possible pullback above expectations below the ounce this week, and if the levels below 960 TL are taken below the grams, new opportunities for gains could arise until the next Fed meeting.
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