Last week, we followed the statements from Fed officials in global markets. Fed Administrator Brainard evaluated that the Fed will continue to tighten its monetary policy regularly to reduce inflation and the balance sheet will be reduced from the May meeting. In addition, it was stated in the Fed minutes released on Wednesday evening that a monthly balance sheet reduction of $95 billion would be appropriate and many officials expressed the opinion that one or more 50 basis points increase was warranted. The hawkish statements from the Fed reduced the risk appetite in global markets. While oil prices started to decline after the International Energy Agency (IEA) announced that it would open 120 million more barrels of oil from emergency reserves to assure to overcome the supply problems that may occur in the global oil markets due to the Russia-Ukraine War, Brent-type oil's barrels were 100 percent in the week. fell below the dollar; An ounce of gold was priced at $1,950.
If we look at an ounce of gold in technical analysis;
Our initial resistance is $1,945 and as long as this is not exceeded in the first place, price pressure can be expected to continue under an ounce. At this point, we will continue to watch for a breakout confirmation with the daily candlestick chart of $1,919 an ounce for confirmation of hard-selling below. The daily RSI continues to hold on to its trend line on the side of the indicator as well. If there is a breakout here, we will focus on the 1.919 support even more.
