Gold Starts the Week Lower: Experts Warn “Watch the Next Two Days”
Gold prices began the week with a decline following signs of easing trade tensions between the U.S. and China, reducing investor demand for the metal as a safe haven. A stronger U.S. dollar added further pressure on prices.
Spot gold dropped 0.93% to $4,073 per ounce, while gram gold slipped 0.89% to ₺5,496.
“A Needed Profit-Taking Move”
Hikmet Baydar, founder of 3. Göz Danışmanlık, noted that “technical indicators were flashing extreme risk signals last week. We expected profit-taking, and it indeed came—mostly led by foreign investors.”
“The Decline Isn’t Over Yet”
Baydar stated, “My target was around $4,020. Prices fell to $4,004 before closing above $4,100. Mid-term bearish signals are still active, so we cannot say the fall is over.”
“$4,057 Is a Critical Level”
According to Baydar, if gold stays below $4,057, bearish momentum will continue. “If it holds above that level, we might see a rebound toward the previous peak,” he added.
“Two Critical Days Ahead”
He emphasized that Wednesday’s Federal Reserve interest rate decision and Thursday’s meeting between the Chinese and U.S. presidents could trigger volatility in both ounce and gram prices.
New Level to Watch for Gram Gold
Baydar also pointed out that gram gold follows spot prices closely, with ₺5,410 being a key level. “If downside pressure continues globally, gram gold could even test ₺5,000,” he said.
