Gold Starts the Week Cautiously: Key Levels for Gram and Ounce Announced
Steady Opening in Gold Markets
Following record highs and a sharp correction, gold prices began the new week with a stable and cautious outlook. Spot gold traded around $4,246, while gram gold was quoted at 5,733 TRY.
Last Week’s Market Summary
On Friday, spot gold fell from $4,380 to $4,186. Similarly, gram gold retreated from 5,905 TRY to 5,645 TRY amid profit-taking activity.
Expert Outlook
Consultant Hikmet Baydar said that short-term weakness signals are appearing in the market, though medium-term indicators still suggest stability.
- Key support for ounce: $4,139
- Critical gram support: 5,416 TRY
- Short-term resistance: 5,820 TRY
Baydar added that staying below 5,500 TRY could indicate further selling pressure, while a rebound may follow once profit-taking subsides.
Technical View
Technical indicators point to continued short-term volatility. As long as the 5,416 TRY support holds, analysts expect another upward attempt in gold prices in the coming sessions.
