Leaving the critical week behind; we observed the profit sales we technically expected in the precious mines. What was the reason for these sales? Data resulting in sales were announced by the United States on Thursday as 2.6% while the Core Personal Consumption Expenses Price Index was expected to be 2.7; especially with the failure to confirm the decline of inflation in the PCE USA, softer interest rate discount scenarios from the FED came to the fore. The calmer rate cut from the Fed also led to hard sales in precious metals!
On Friday, critical Non-Farm Employment and Unemployment rate data was released! In October in America, Non-Agrarian Employment was announced as 12,000, with expectations set at around 106,000. The unemployment rate was announced as 4.1% in line with expectations! In the detail of the Non-Farm Employment data, which is well below the expectations, it was observed that there were especially strikes and decreases in the employment market caused by the hurricane. Despite the employment data that was below expectations, precious metals had trouble finding buyers!
On the other hand, on the economic data side, we will be in a very volatile process this week. The focus of the markets in particular will be on the US elections, which will be completed on Tuesday! We expect that the outcome of the election will be very close to each other, while Harris has been observed to be prominent in the polls recently. Especially close results can result in reaction by the parties, in which case we can observe upward movements in precious metals.
In the data economy, the critical FED Interest Decision will be announced on Thursday! Markets are almost certainly waiting for an interest rate cut of 0.25 basis points from the FED. Following the Fed's interest rate decision, President Powell will face cameras. The critical process will begin here. If Powell makes statements that reinforce interest discount expectations for the future, we can observe upward movements in precious metals.
Technical summary; the ounce of gold, which closed last week with $2736, started the new week with calm prices. Below is a particularly 233-day exponential moving average zone, which is around $2661. As long as we stay on this region, we will be waiting for the long-term positive course to continue.
The ounce of silver, which closed last week with $32.45, started the new week with positive prices. Below is a particularly 233-day exponential moving average zone, which is around $31.95. As long as we stay on this region, we will be waiting for the long-term positive course to continue.
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 $85.
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