After breaking down the $ 1,800 level last week, gold prices, which continued their decline for 6 days in a row, declined to $ 1,707. Spot gold price dropped to the lowest level seen since June 2020 in Asian markets this morning, with the effect of the US Dollar's continued strengthening.
After the US dollar gained value against the euro, GBP and the Japanese Yen, the spot gold price declined to the level of $ 1707.28. This level was last seen on June 15, 2020.
Spot gold is currently trading at $ 1714 with a 0.58 percent loss compared to yesterday.
Analysts point out that the spot gold price, which broke the $ 1726 support down, could retreat to the $ 1691 level.
Stating that the first resistance is $ 1716 in the upward movements, analysts think that the upper limit is $ 1746 for a recovery.
In the country, with the loss in ounce yesterday, the dollar / TL exchange rate decreased by almost 3 percent, and the gram gold was retested the 400 TL base. Gram gold, which was 3.5 percent premium last week, has dropped 1.4 percent this week. After testing 400 TL on a daily basis, the range of 423 TL - 425 TL in the price traded at 407 TL is followed as the resistance zone, while 395 TL tested on February 19 is followed as the closest support.