Is it the right time to buy gold? Critical warning from Islam Memiş...

Markets are focused on US President Donald Trump's economic policies, the Fed's interest rate decisions and Ukraine-Russia developments.

Money Markets Expert İslam Memiş warned gold investors against sharp declines.

“IT IS NOT THE RIGHT TIME TO BUY GOLD”

Islam Memiş emphasized that he expected a technical correction in gold prices and made the following statement:

"The ounce of gold is traded at $ 2,940, while the gram of gold is traded at TL3,552. However, these levels are not suitable for investors who will buy gold for the first time. We expect a technical correction in March. After an increase of approximately $400, the ounce of gold should fall by around $200. If it falls below $2,800, there may be a buying opportunity for small investors. The psychological resistance level of gold is $3,000. However, we may see a sharp decline with profit taking in March."

İslam Memiş predicts that towards the end of the year, gram gold could reach 4,000 - 4,500 TL. However, he states that in the short term, volatility in gold prices will be high and investors should be careful.

FED interest rate decisions and US core inflation data will have an impact on pricing. Developments on the Russia-Ukraine front will also be decisive on gold prices. While activity in the cryptocurrency market increases in March, gold prices may be suppressed. Investors are advised to follow market developments in March carefully and be prepared for possible profit sales.

CNNTurk