There should be a retreat in the euro-dollar parity this week. It rose very quickly and is currently at 1.0926. Technically, I see that it will be possible to first withdraw from 1.0850 to 1.08, and again to target 1.12 and then 1.15 in the medium and long term.
An ounce of gold is currently at the 1968 dollar level. There were rapid rises last week, and with these rapid rises, we will see a retreat especially this week. Especially on the ounce gold side, I first had warnings that I would follow the 1965 and then 1957 dollar support levels. It was at the level of 1985 dollars in the morning. Later, it fell to 1975 - 72 dollars. Currently, it continues to hang below the 1970 dollar level, but the target is above again. I would like to point this out especially for those who trade on the ounce gold side. It will be within a trend line targeting the $2000 level again. The fact that central banks are ending interest rate hikes, increasing expectations that the US Federal Reserve will bypass interest rates again, and geopolitical tension risks are rising again, we will all see that the 2000 dollar level will be targeted for ounce gold. There is no change in my prediction for 2024. I can give the $2350 level as a target. Following 1968, there are 1957 dollar support levels. If it falls below this, I think it will be good buying opportunities and we will see an ounce of gold going up quickly again.
There are sales on the ounce silver side, 1.39% currently at $23.40. I will continue to watch the $22.80 support level, but declines would be short-term and limited. He performed very well last week. It provided more returns than gold. I pointed out the 24 and 26 dollar levels. Last week, the level of 24 dollars was seen. I think that after another retreat, the 24 dollar level will break upward this time and form within a trend line targeting the 25.2 and 26 dollar levels. In December, we will see once again how positive the performance of silver is compared to gold. As I have stated many times, silver has the final say and as we are approaching December, we will continue to see the performance or upward trend on the silver side more clearly in a week or 10 days.
Brent oil is at a 2% premium at $82.24. There was a short-term pullback below the $80 level here on the first trading day of the week. However, I have often stated that the declines will not be permanent, and I have often made statements that continue the effort to balance in the 80 - 85 band, especially in upward movements, but that the real target is 90 dollars. Again, this is my prediction.
Of course, I have been drawing a lot of attention to the Palladium side as an alternative for the last 2 weeks. It fell below the $1000 level. It is currently at $1076 with a premium of around 1.60%. Here, investors who took Palladium positions and took these warnings into consideration last week achieved a significant return.
The volatile trend in the cryptocurrency market still continues. There is uncertainty and a certain band gap has emerged. There is a 1.72% premium here at Bitcoin's $37122 level. It is stabilizing in the range of $36500 - $37500. But I still maintain my negative expectations here. Don't be surprised if there are hard sales here. It is necessary to prepare accordingly.
The dollar index is at $103.46. There is a calm process here too. I have often made statements that our expectation is that there will be a retreat below the 100 dollar level to the 92 - 94 level in the first quarter of 2024.
Sterling - dollar parity continues to remain cheap at 1.2476. Our target is 1.30 and then 1.32. Of course, I said these prices were free when they fell below the 1.20 level.
The information, comments and recommendations contained herein are not within the scope of investment consultancy. Investment consultancy services are provided within the framework of the investment consultancy agreement to be signed between brokerage firms, portfolio management companies, banks that do not accept deposits and customers. The comments in this article are only my personal comments and these comments may not be appropriate for your financial situation and risk return. For this reason, investments should not be made based on the information and comments in my articles.