As the new week started with limited rising potential in USDTRY prices, the increase potential in Ounce Gold supported the upward trend in Gram Gold prices. Thus, it is seen that attacks on the threshold of 397.0, which was a record crossing point, were frequent in precious metal, which maintained its price activity above 390.0. As the markets start a high-risk appetite for the new week, the indices appear to accelerate the upward trend, including the futures. However, despite this situation, the increase in coronavirus cases and the safe haven demand in the markets have been triggered. Thus, it is seen that the precious metal, which tightens its attacks towards the 1290 level, accelerates the upward momentum on the Gram Gold side. While the US 10-year bond rates were at 0.7 percent, the VIX index started the week with a significant decline potential. It can be said that the recovery in economies also increases the optimism in the markets. On the other hand, after the non-farm employment report announced above expectations, a positive trend prevails in the US markets, which were closed due to the “Independence Day”. Following these developments, exceeding the critical 1800 resistance threshold based on Ounce Gold may lead to a new record attempt in Gram Gold prices.
If we look at the USDTRY pricing, which is another catalyst of Gram Gold, it continues to maintain its voluminous course that it has maintained for some time around the level of 6.86. The Turkish Lira is in a positive course this morning with a slight loss of momentum in dollar assets. Thus, it would not be wrong to say that the exchange rate has remained weak in the upward momentum. However, this tightening momentum in the prices may cause the currency to attack more strongly in the direction it will break.
If we look at the technical outlook of Gram Gold prices, the purchase potential can accelerate by exceeding 400.0 by testing the prices above 397.0. While this transition is expected to lead to testing new record levels in Gram Gold prices, it may also indicate the beginning of a new uptrend trend in precious metal. However, in case of a return movement that the precious metal will experience from the level of 397.0 in the otherwise scenario, it is beneficial to pay attention to the close support of 385.0 level and then the closings below 375.0 threshold.