GOLD : Depends on interest rate trend

World gold price stood at 1,936.17 USD/ounce, down 4.5 USD/ounce compared to the previous session's close. Investors all said that the Fed may have finished raising interest rates after the unemployment rate in the US skyrocketed and wages also trended up. Besides, the dollar index fell 0.2%, making bullion more attractive to holders of other currencies.

At the Fed's upcoming monetary policy meeting on September 19-20, most markets expect interest rates to remain unchanged. More influential for gold going forward are changing expectations for the first rate cut from the Fed, as well as the pace of rate cuts thereafter.

הערה:

➡️JPMorgan Bank raises its forecast for inflation in Turkey by the end of the year to 65% from a previous forecast of 62% after inflation data for August came out higher than expected.

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➡️Michael Burry has now lost approximately -42% of his bet ($1.6 billion) against the S&P 500 and Nasdaq.

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On Thursday, the huge American investment bank Wells Fargo published a memorandum that dealt with its experts’ expectations regarding the US Federal Reserve’s movements during the next year. The memorandum explained the bank’s expectations that the US Federal Reserve will reduce interest rates by 225 basis points at the Federal Open Market Committee meetings starting in March of next year.

הערה:

The fact that there are many different opinions is also shown in the survey on short-term gold price trends. Specifically, in a Kitco News survey on gold price forecasts next week, among 13 Wall Street analysts, 4 people, equivalent to 31%, expected gold prices to increase but 5 people, equivalent to 38%, predicted that gold prices would increase. Precious metals report goes down; The remaining 4 people think that gold is moving sideways.

הערה:

🕯 SELL GOLD |  1924 - 1926

🔴 SL: 1930

🟢 TP1: 1920
🟢 TP2: 1915