Silver Prices Diffuse Slightly Positively Compared to Gold Prices

In the last trading day of the past week, it fell to the level of 76.2 in the USA and dropped to the lowest level in 6 months. While this resulted in increased losses on the data side, safe harbors recovered slightly with decreasing dollar pressure. However, while the US markets are on holiday on the first day in the new week, it is seen that the upward momentum reaching 1.25 percent triggered some exit from safe harbors. On the other hand, increasing expectations for the USA’s stimulus package triggered the scenario with buyers in the indices. Thus, with the rise in risk appetite, we welcome the slight withdrawal of precious metals as usual.

After these developments, the returns from 27.0, which is a strong support in ounce silver prices, targeted the resistance of 27.80, but closures above this level were not very successful. In particular, depending on the possibility of decline in bond yields, we are following the purchases of precious metal at the level of 27.80 within the framework of the resistance of 28.70 and 29.85. However, in a possible downward pressure, dips in commodities may reach support levels 26.75 and 26.0 within the threshold of 27.50. Thus, we can see that the upward trend trend that has been preserved for a while in commodities is disrupted.

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While the upward momentum in ounce silver prices was suppressed, the sales pressure that occurred after the critical 7.0 threshold was passed on the first trading day of the week accelerated the attacks towards 6.14 in gram silver prices. In particular, it is observed that the determined stance of the CBRT within the scope of the tight monetary policy and the expectations for the CBRT meeting to be held this week have increased the lucrative image on the Turkish lira side. The expectation for a recovery in the economy and a hawkish stance from the CBRT, even if there is no interest, may cause the withdrawal in the exchange rate to continue until the MPC meeting. Thus, closures below the 6.14 level in their prices may come into question. Especially if this level is passed, we continue to follow the initial support threshold of 6.0 below and below this level of 5.80. However, due to the limitation of the withdrawal scenario in the exchange rate, the reversals that can be experienced from the level of 6.14 may reach the level of 6.50 with the resistance of 6.30.

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