Gold and money markets seem to continue in a neutral-negative direction this week. While ounce and gram gold prices are falling steadily, the dollar is on the rise. Bitcoin, on the other hand, is seeing highs that it has not seen in about three months. So, what are the levels to be expected for these assets?
Gold and Bitcoin commentary by Islam Memiş
While the global markets are watching the developments between Russia and Ukraine, it seems that the price of gold is no longer affected in this regard. As we reported as Kriptokoin.com, at the end of February, when the war broke out, the price of gold was quite close to the August 2020 records. It is currently trading at $1,913 levels. Meanwhile, Bitcoin, the largest cryptocurrency by market cap, rose. So what’s next for these assets? Gold and Money Markets expert, İslam Memiş, conveyed his expectations and suggested that investors remain calm.
İslam Memiş stated that the markets started the week calmly and stated that the news from the negotiations or the rising conflicts will definitely have an echo in the markets. The expert also drew attention to the rise in cryptocurrencies. Memiş said, “Bitcoin was at $34,000 a month ago. It went up to $47,000,” he said. Claiming that this situation shows that there is manipulation in the markets, the expert said that time will show whether reaction sales at $ 47,000 will come. It is worth noting that if the reaction sales do not come, whether BTC will see $ 50,000 or not is among the important questions.
Expert: The message to the markets is clear
While continuing his comments on crypto money, Islam Memiş said, “The message to the markets is clear: We are increasing the interest rates, we are making moves to prevent a collapse in the stock markets, do not interfere with our business, we will give you a new market. It is said that we gave it, buy and sell, the rate hike will continue throughout the year, inflation will increase, we give you what you want, keep busy with it,” he said.
Memiş said, “There is a controlled rise in foreign exchange, commodity prices, especially gold, bond interests and cryptocurrencies, all of them taking similar moves without disturbing the markets. This is a controlled rise,” he added. Finally, he advised investors to pay attention to the ups and downs in the market and said that “it should be evaluated by staying away from very exciting and trap markets”.
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