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UNDER THESE LEVELS WILL BE DIRECTIVE
Onurcan Bal – Investment Advisor to Gedik Investment
Recent record levels in the number of cases and continued tightening of measures prioritize concerns about the epidemic. While concerns on this side have put pressure on risk appetite, both these current concerns and difficulties in vaccine supply have caused the selling pressure on risky assets to mount in recent days.
Increased uncertainty caused the dollar to rebound somewhat globally after the first week of January. The continuation of the pessimistic outlook on the epidemic in Europe and the suppression of the economic prospects of the measures also caused the depreciation of the euro and the rise of the dollar index. Due to the recovery of the global dollar index, there were falls in January, below an ounce.
It is noted that the ounce of gold has run a tight course recently. The developments brought about by the epidemic and the global course of the dollar will continue to be effective on the ounce of gold in the short term. At the same time, the process for the $ 1.9 trillion stimulus package announced by US President Biden remains important. In the coming days, the rapid implementation of the incentive package and the strength of incentive expectations may contribute to strengthening the recovery effort below one ounce.
