Where are we going with gold? Let's make a step back - or, rather, travel back in time to throw a strategic look at the gold price.
Turkish lira gains against dollar
Information is not investment advice
TRY bounced back to 6.9 as the government appealed for funding. Where is it headed now?
The Turkish government took defensive measures to avoid the currency crisis. The Turkish central bank asked foreign allies for funding. They have already held talks with the USA, Japan, the United Kingdom, Qatar, and China. Negotiations continue, but no country has agreed to help. That seems reasonable, it’s a tough time for every nation and most of them don’t have enough capacity to support their own economies. Anyway, after this promising report the Turkish lira surged up. It has been the largest spike for a long time.
Let’s have a look at the chart now. We can easily notice the strong upward trend. When the coronavirus pandemic began, USD/TRY skyrocketed to unseen highs. However, the price has been falling for over a week already. If it crosses the support level at 6.74, it will open doors for further drop to 6.6. Resistance lines are at 7.055 and 7.18.
With the pandemic claiming about 1000 lives a day in the United States, many departments said they lack the money and the staff to identify people who have been exposed, according to a survey of a 121 local agencies.
The focus is on the ongoing negotiations of the next stimulus bill in the United States, which do not seem to move forward.
Stocks futures rose on Monday, indicating a higher start to the first session of August.