Borsa Istanbul (BIST 100)
BIST 100 index, which finished the week at 9,900 points, recorded a decrease of 0.76%. İslam Memiş stated that he will follow the 9,800-10,200 point range this week and that the 10,380 point level will not be a surprise.
Exchange Rates
The Dollar/TL exchange rate closed the week at 34.10 lira, while the Euro/TL closed at 38.10 lira. Memiş said that the rise in the EUR/USD parity caused the euro to diverge positively this week. Stating that profit sales could be expected in the euro as the parity rose to 1.1181, Memiş predicted that he would follow the 1.1080-1.1180 range and that levels of 1.13 could be tested before the end of the year.
Gold Ounce (XAU/USD)
After the Fed’s 50 basis point interest rate cut, the gold ounce price tested the $2,616 level. For the ounce of gold, which closed the week at $2,622, Memiş stated that he expected the increase to continue in the medium and long term and that the target was $3,000. He emphasized that profit sales could occur in the short term and that the $2,575 level should be monitored as support. Memiş, who told gram gold investors that they should monitor the ounce of gold, stated that we will close the year in the range of 3,000-3,500 liras and that every decline is a buying opportunity.
Silver Ounce (XAG/USD)
Memiş stated that silver closed the week at $31.17. He noted that the $30-32 range would be monitored in the short term, and that the expectation for an increase continued in the medium and long term. He predicted that the increase in gram silver would continue and that it would reach 37 liras by the end of the year.
