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1906 THE LEVEL OF DOLLARS SHOULD BE FOLLOWED CLOSE
Onurcan Bal – Gedik Investment Investment Consultant
As of April, there is a general uptrend and the July rise has gained strength in the ounce and there has been a fluctuation and some prices to the seller in recent weeks. In August, upbeat news flows fueled by vaccines resulted in corrections in the price of an ounce of gold, while recent sales of technology stocks in the US suppressed appetite for risk and risk. The revaluation of the dollar worldwide puts pressure on the ounce of gold.
While the global dollar index (DXY) fell below 92 in early September, it has surpassed the 93.50 levels due to the recent appreciation of the dollar. The main developments that bring about the appreciation of the dollar are; Epidemic concerns, weakening risk appetite, weakening of the pound due to Brexit-related concerns and the strength of the euro from members of the European Central Bank (ECB) that the strength of the euro represents a risk, can be classified as a suppression of the euro.
In the short term below the ounce, which is suppressed by the appreciation of the dollar, there is a contraction between the dollar levels of 1906 and 1941. Possible closures below the $ 1906 level, where the exponential average of 50 days, could make sales accelerate. Below $ 1906, the $ 1863-1834 and $ 1791 levels may come into question. On this side, it should be noted that the 1906 dollar level should be closely watched and sales may accelerate below this level.
Long-term expectations for an ounce of gold, where technical prospects have weakened in the short term, continue to rise. On this side, considering the statements of Fed Chairman Powell, it is considered that the low interest environment will continue for a long time.
