If we look at the ounce gold side, it approached the peak it tested in mid-July again with the recent tensions on Friday and it also saw sales from this area. We ended the day with a close around 2440. The support level that will be important in the upcoming period in particular is the 2380 - 2420 area. As long as it does not break the averages here, the movement will still be supported upwards. But I can say that when these averages between 2420 - 2380 are broken, then we will see that downward pressure is felt. As long as the tension does not increase, I am not very sure whether the 2480 - 2500 level can be passed very clearly. There is Bollinger here, in general, we see returns after Bollinger is tested, and when it approached again, we saw sales coming from around these levels, close levels on Friday. When the price sits above 2500, then we can talk about new peaks on the ounce gold side. Therefore, the important point for us is that there will be closings above the Bollinger peak, i.e. above 2500 in the upcoming period. But if we cannot achieve this, the reactions coming from here will bring the possibility of a return to sales from here.

There have been quite sharp movements in Brent oil recently. We experienced a pullback starting from 87 and reaching 76. 76 had brought an increase to 87 with the reactions coming from these levels in the past. For a clear increase here, first of all, we need to see a clear 2-3 day close above the trail period. This is currently around 80. In other words, if we start to see closings above 80 again, we can think positively on the Brent side again. But if the reactions coming still cannot push it above 80, I can say that the downward pressure here will continue in the coming days, and in the first stage, Bollinger's 76 and then Bollinger's lower band, namely 74.90, will be important for us. A break at 74.90 could pull us back down to the 72.70 band. This should not be ignored, in order to talk about a clear upward trend, the 82 - 84 band needs to be broken upwards again. In the short term, 80 needs to be exceeded, and in the medium term, the 82 - 84 band needs to be broken upwards. At least, I should state that for the trend to turn upwards again.

Let's look at Germany, in the last two days, we have seen sales due to increasing recession concerns, in other words, thoughts evolving from a soft landing to a hard landing. These sales reached approximately 5% from the peaks. The DAX could not renew its peak anyway after the end of expectations, in other words, after the interest rate cut by the ECB. Along with this, it moved horizontally, made a correction. Then, it returned to a horizontal band movement and eventually, with the sale that came on Friday, it retreated to the 17700s, the bottom point we tested in this process, with the sale that started on Thursday and continued on Friday. The important thing here is the 17700 level, as long as there is no closing below this level, it is open to reaction and the coming reaction may take us to the 18000 - 18250 levels. But if we start to close below the bottom we made here below 17700, I can say that the probability of the pullback to 17500 - 17200, namely the Bollinger band, will be very high. We have turned the situation positive again, especially in the short term. In order to stay strong again, at least at a strong level, the price will need to settle above 18000 - 18200. In other words, in order to return to the horizontal band movement, we will need to settle above these levels so that we can move towards 18800 - 19000 again. If the incoming reactions cannot exceed these levels, namely the 18000 - 18200 band, I can say that the pressure will still continue on the DAX. Here, the data will also need to support the soft landing in the following process. If it does not support it, if it continues to point to a sharp decline, which is what the balance sheets from the US have started to support. If this situation continues to be supported by data, I can say that the horizontal band movements of the pressure here are likely to continue for a while longer.

There is a similar pullback in Dow Jones. A rapid pullback, a pullback of 5%, I will be following especially 39400s in the next week. In July, it bottomed at 39400s, then made a sharp rise and renewed the peak, and we watched the sales coming from Bollinger afterwards. I always care and draw attention to Bollinger, when it sat above Bollinger, it continues to rally-like movements as it started in December 2023. It exceeded in December 2023, then made a serious upward movement before falling below. Then, in April 2024, it could not exceed, we saw sales in every attempt. Again, it will be possible to talk about a rally when it clearly sits above the 42000 - 42500 band. But as long as we do not see this, I can say that we will see it switch to a horizontal band movement here. Of course, there is an extra factor here, the elections. Depending on the results of the elections, the movement here may differ, let me state this specifically.

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