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Global Economy

The charm of silver continues

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As I have stated for a long time both in my articles here and in social media, the low global interest rates, significant incentives and inflation developments in order to eliminate / reduce the effect of the pandemic affect both ounces of gold and ounces of silver positively. There was a sharp decline after Russia’s announcement on Tuesday last week that we found the vaccine (I said I didn’t believe it when the news came out), but these decreases were compensated in a very short time.

In the current conjuncture, the main trend will continue to be positive. There are occasional correction movements and profit sales, but these decreases may continue to provide opportunities within the main trend.
Of course, if we are going to talk about gram silver, it is necessary to include the dollar rate. Dollar rate tested above 7.40 today. Appetite continues on the upside. Here, the CBRT decisions on Thursday will be important. The CBRT is currently tightening indirectly, but we have not seen a clear effect yet. The market will focus more on the policy rate. For this reason, those who follow gram silver should definitely follow the CBRT’s decisions closely.

Technically, the main trend will continue to be positive as long as it remains above $23.00 on the silver side. On the upside, the $29.00/29.50 region could be viewed as resistance.
On the gram silver side, 5.50 TL and 4.80 TL levels can be viewed as important support levels in the main picture. Staying above these levels will support the upward trend. 7 TL can be viewed as resistance.

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