While leaving the critical week behind; we continue to observe profit sales in the precious metals market. In the precious metals market, which is technically in the correction movement, the inflation data to be announced from America this week will be decisive!
In the data economy last week, consumer price index data from Turkey was expected to be 48.20% per annum, while 48.58% were announced above expectations. Following the above-expected data, the Central Bank of the Republic of Turkey’s interest rate discount expectations were raised until January 2025.
On the US front, the critical selection process was at the center of markets. After the victory of Donald Trump, we saw some money exit from the precious metals market and some money inflow into US stock markets. After the elections, the critical meeting of the FED was at the center of the markets. The US Central Bank has lowered its policy rate to 25 basis points, as expected, to 4.50 and 4.75. As a sign of the future, Fed Chairman Powell said that while unemployment remains low, labour market conditions have generally improved.
On the economic side, however, we will be in a very volatile process this week. Especially in the market, the eyes will be on US inflation, which will be announced on Wednesday! The same inflation forecast as last month was about 0.2% year-on-year 2.4. Below-expectations inflation data support the possibility of a Fed rate cut in December, while the possibility of a Fed rate cut in December could lose strength in inflation data to be announced at above expectations. Environments where the probability of interest discount is assessed can often be positively reflected in US precious metals and exchanges.
Ounces gold technical summary; closing last week with $2684, the ounce gold new week started with vendor pricing. The 233-day exponential moving average zone is around $2670. This region will determine the short-term direction, while $2645-$2615 zone can be tested as long as it is below the moving average, we can track $2700-$2735 regions as resistance above the moving average.
Ounces silver technical summary; the ounce of silver, which closed last week with $31.30, started the new week with calm prices. Above, especially the 233-day exponential moving average zone $31.95 and $32.80 are critical for determining short-to-medium-long-term directions. We can observe rapid increases in volatility along with inflation data to be announced from the US this week.
Especially due to the import quota, the increase in domestic demand continues to lead to price differences. At the beginning of the week, the difference between the global markets on an ounce basis and the Turkish market started around $88.
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