Gold and money markets expert Islam Memiş announced his gram gold forecast for September. Memiş also discussed the possible effects of Fed Chair Jerome Powell’s interest rate cut signal.
Making statements on his YouTube channel and emphasizing that his statements were not investment advice, İslam Memiş said, “Borsa İstanbul completed the day at 9668 points. It completed the week with a 2.5 percent decrease. We had announced our expectation of 9400 in Borsa İstanbul, prices continue to prove us right. I will give the signal to those waiting for us on the stock exchange side. We continue to wait in silver. We can exit silver and enter the stock exchange or enter the stock exchange with half of the gold, but now we continue to wait.”
Memiş said, “The dollar exchange rate is 33.96 TL. There is an exchange rate above 34 TL in free markets. There is a spread between the official exchange rate and free markets, I said physically withdraw your dollars from the bank and sell them in the free market. You are more profitable. I can say that the official exchange rate and free markets will be integrated again as of next week. However, the dollar has lost value in international markets.”
Referring to the depreciation of the dollar, Memiş said, “The dollar lost value after Fed Chairman Powell’s statements. I had a 92 prediction for the dollar index. I stand by that. The week ended with a 0.68 increase in the Euro/dollar parity. Our year-end expectation was 1.12. It was seen as 1.1196, or 1.12. This expectation also came true before. I will have given the answer to how the openings will be in the coming weeks.”
Memiş continued as follows: “The ounce of gold is at $2510. This week, there was an ounce of gold that fell to $2470. We were expecting this this week, it happened. They bought here. We got a cheap price. It rose to $2518. This week, it rose to a historical record of $2532, then we saw an ounce of gold fall by $60. Those who bought there bought it and finished it. There is resistance at $2520, support at $2497 below. We will now clearly comment on which band ranges we will follow next week.
