Euro-dollar parity fell below 1.10 level yesterday. It ended the week below the 1.10 level. I continue to follow the 1.0850-1.1050 bands. As long as we are below the 1.10 level, it continues to offer opportunities. Until the end of the year, our expectation in euro-dollar parity as 1.12 and 1.1350, then 1.15 continues to stand on the sidelines. I would like to remind you that I always consider below the 1.10 level as a buying opportunity.
An ounce of gold is uncertain at the level of 1915 dollars, it will break in one direction, but he does not know where it will break. Because when there will be a direction break, those resistance and support levels will be tested in some way. An ounce of gold tested the $130 resistance this week. It came back from there. Below, it declined to the level of 1910 dollars. This week, gold traded in the range of 1910-1930 dollars an ounce. It is in the narrow band range.
The most important data we followed this week was the inflation data in the USA. I had expressed my expectation that it would be explained as 3.2% or 3.3%. The data was announced as 3.2%. It regressed rapidly. Now we see a jump, that is, a high inflation data. After the second half of the year, we had an expectation to come back. I stated my expectation that inflation will come back in developed and developing countries in such a way that it will be in a position to reach 2022.
As such, we did not see a directional breakdown for an ounce of gold. Now we have two options before us. It will either close weekly below the $118 level and test the $1890 support below. Or it will break the 1930 dollar resistance level to the upside and set its sights on the 1960 dollar level. It's a confused market. Since many investors are on vacation. did not take any action. On the gold side, there is a horizontal movement for 1-2 weeks. This calmness may leave its place to rapid rises. Therefore, I do not think that the decreases in the ounce gold side will be permanent.
We have seen depreciation in the ounce price of silver. Yesterday, it fell from $22.71 to $22.57. I think there are great opportunities. I will continue to follow the $24 and $26 resistances.
There was an oil price of 87 dollars. It ended the week with a 1% increase in value. It will be reflected in the pump prices as a hike. Profit sales are likely to come, but the band range we follow is the $82-87 range. I doubt if oil prices will stay at this level. It's good to be clear.
Bitcoin has lost 0.29 points at $29352 yesterday. It continues to print. They trashed 2023 as they did in 2022. Hopes are in 2024, let's see what happens. But I would also like to state that I foresee an increase again above the $30000 level.
I especially recommended that you follow the dollar index closely. It was at $102.70 yesterday. I do not anticipate that the figures above $102.50 will be permanent. I continue to wait for a rapid pullback in the dollar index, especially below the 100 level until the end of the year, at 92-94 levels.
My opinions are not investment advice. Please do your own research.
