Expert Analyzes Gold Uptrend Sustainability

The upswing in gold and silver markets has once again drawn investors' attention to precious metals. Expert Islam Memiş shared a cautious message regarding the sustainability of this uptrend. Memiş evaluated the movement in gold and silver following the lower-than-expected non-farm employment figures in the US.He stated that the current upswing does not yet signify a new record trend, pointing to global economic vulnerabilities. With weekly increases of 7.86% in gold and nearly 10% in silver, Memiş commented on the nature of the movement deemed a 'record' in the markets:

In my view, there is no record. It's just a rebound. This is just a reaction to the downtrend of the past five months.

Regarding the technical outlook for gold, Memiş emphasized the critical level of $4,300 per ounce. Gold reached $4,370 per ounce and closed the week at $4,341, prompting Memiş to caution against overlooking the possibility of a downward correction:

I predict a possible pullback to the $4,150 level from here.

Memiş stressed that upcoming US inflation data will be crucial for precious metals, warning investors to be prepared for potential profit-taking in the short term:

I specifically want to note that gold did not start a record or uptrend last week. It was just a reaction.

According to Memiş, the US inflation data will also lead to a focus on the Fed's monetary policy. He argued that the likelihood of the Fed raising interest rates twice by the end of the year is strengthening:

Next week, US inflation figures will be very decisive.