Gold Is Heading Towards The Critical Level

Gold is heading towards the critical level. Even though the prices are decreasing, gold got support from the USD/TL exchange rate.

Gold rallied again after falling as low as $1,845 on Monday ahead of the US Federal Reserve (FED) meeting. Gram gold, on the other hand, received support from the USD/TL exchange rate despite the decline in global gold prices. Gold fell from its highest level since January as investors focused on inflation pressure and the Fed's monetary policy. Economists participating in the Bloomberg survey say that the Fed will not raise interest rates before 2023, but may begin to shrink its asset purchase program as early as August-September. Also, the 10-year U.S. Treasury bonds stood at 1.48 percent on Tuesday after climbing as high as 1.49 percent on Monday.

What is the Ounce Gold Price?

Despite the pressure on ounce of gold, preciuos metal's 50-day moving average is heading towards an upside cut from its 200-day moving average. This generally indicates that an uptrend may start in gold. The ounce of gold, which reached its highest level since January at the beginning of June, fell to $ 1,865 with a fluctuating course.

What is the Gram Gold Price?

Despite the decline in global gold prices, gram gold, which fell below 500 TL for the first time in a month on Monday, is trading around 507 TL due to the increase in USD/TL exchange rate.