13/10/2023 Evening Reports

Geopolitical Risks Caused Sudden Rises in the Gold and Oil Markets…

*With the rise in tension in the Israel-Hamas war and the increase in geopolitical risks, there are sudden increases in the gold and oil markets. While the ounce of gold rose to the level of 1919 $, the gram gold rose to the level of 1715 TL. Brent oil increased to 89.84 levels.

*In his speech, Bank of England (BOE) Governor Bailey said, “We see that progress has been made in the fight against inflation, but there is still work to be done. The final decision was a difficult one. Policy is and has to be restrictive. The outlook for the UK is very stagnant, the UK’s potential growth has diminished. “We must be prepared for the shocks to continue.” Said.

*In the statement made by the IMF, “A longer-term real estate crisis in China and limited policy intervention will deepen the slowdown in Asia. Asia’s economic recovery could be shaken by China’s post-pandemic recovery losing momentum earlier than expected. The BOJ’s changes in yield control led to spillovers in global bond markets. “It could be bigger if there is a more significant policy normalization.” Statements were made.

*Euro Area industrial production increased by 0.6% on a monthly basis in August, above the expectation of a 0.1% increase, while it decreased by -5.1% on an annual basis, above the expectation of a -3.5% decrease.

*Simkus from the European Central Bank said in his speech: “I am worried about geopolitical risks for inflation. Conflict is an upside risk to inflation. “We cannot jump to conclusions about the Israeli conflict.” He made his statements.

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    Support:  1.0480 – 1.0400 – 1.0290 Resistance:  1.0540 – 1.0605 – 1.0670

    EURUSD

    EURUSD – Remained Calm on the Last Trading Day of the Week…

    The increases in the parity that were effective at the beginning of the week were reversed with the announcement of US inflation the other day. The withdrawals went below the 1.0540 support and the daily closing ended in this region. On the last trading day of the week, an attempt was made to exceed the 1.0540 level in upward movements, but no permanent increases were experienced.

    While the parity remains calm, the 1.0480 level may form support in case possible downward pricing strengthens. In upward pricing, 1.0540 and 1.0605 levels can be followed as resistance.

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    Support: 1910 – 1896 – 1880 Resistance: 1920.50 – 1939.50 – 1954.50

    XAUUSD

    Ounce Gold – The Rise Intensified Due to the Effect of Geopolitical Developments…

    The tension, which started last weekend with Hamas’s attack on Israel, grew day by day during the week. It continues to raise tensions on both sides. Geopolitical tensions created by the war caused imbalances in the gold market and sudden increases began to occur. The yellow metal, which entered the week at the 1843 region, rose to the 1919 level as it moved towards the weekly close.

    The direction and severity of pricing in the yellow metal in the coming days may continue to be affected by the developments of the war. Developments that will occur during the weekend when the market is closed may cause gaps in the opening price next week.

    In instant pricing, the resistance in the 1920 region is being tested. If this level is exceeded, we will follow the resistance at 1939.50. In case of downward pricing, 1910 and 1896 levels may provide support.

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    Support: 87.60 – 84.30 – 81.65 Resistance: 89.15 – 91.40 – 93.30

    BRENT

    BRENT – The Hardening of the War Began to Reflect on Oil…

    Oil prices rose slightly at the beginning of the week, but retreated again throughout the week with expectations that the Israel-Hamas war would remain local. However, during the day, the Israeli side intensified the war and Hamas did not withdraw, increasing the tension in the region and starting to spread to surrounding countries.

    This situation increased Brent oil from 86.35 to 89.90 during the day.

    Technically speaking, the 89.15 resistance tested on Monday is being tested again. If the daily candle closes above this resistance, it may gain strength again in positive movements.

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