Memis Forecasts Gold Price Movement as Market Awaits Key Data Releases
Financial analyst Islam Memis has shared his views on the gold market after the recent decline in prices. The sharp drop followed strong non-farm payroll data from the US, which exceeded expectations at 162 thousand compared to a forecast of 55 thousand.
The unemployment rate remained steady at 4.1%, and as a result, spot gold fell by about 2% to $4,370 before recovering some of its losses to $4,430 by week's end.
Memis believes that the upcoming period will be critical for the gold market, with US inflation data and the Federal Reserve's interest rate decision being key factors in determining the direction of prices.
He predicts a short-term range of $4,300 to $4,500 for spot gold and 6,800-7,200 Turkish Lira (TL) for gram gold. For the year-end target, Memis sees a possibility of spot gold reaching $5,000.