{"id":48512,"date":"2026-04-03T11:35:35","date_gmt":"2026-04-03T11:35:35","guid":{"rendered":"https:\/\/quickassetsmarket.com\/index.php\/2026\/04\/03\/gold-price-forecast-amid-relentless-turkish-central-bank-selling\/"},"modified":"2026-04-03T11:35:35","modified_gmt":"2026-04-03T11:35:35","slug":"gold-price-forecast-amid-relentless-turkish-central-bank-selling","status":"publish","type":"post","link":"https:\/\/quickassetsmarket.com\/index.php\/2026\/04\/03\/gold-price-forecast-amid-relentless-turkish-central-bank-selling\/","title":{"rendered":"Gold price forecast amid relentless Turkish Central Bank selling"},"content":{"rendered":"
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Gold price has remained in a tight range in the past two months as American investors and the Turkish central bank continued selling. It was trading at $4,676 on Friday, down substantially from the year-to-date high of $5,602.<\/p>\n

Turkish Central Bank is dumping gold<\/h2>\n

One of the top reasons why the gold price is falling is that the Turkish Central Bank has turned from being a buyer into a seller.<\/p>\n

Data shows that the bank has sold 120 tons of gold worth over $20 billion in the past three weeks. It sold 70 tons of gold last week.<\/p>\n

These sales are meant to stabilize the Turkish lira and obtain US dollars to offset the ongoing energy surge amid the ongoing Iran war that has pushed crude oil prices<\/a><\/strong>up by double digits in the past few weeks.<\/p>\n

GLD ETF has had outflows<\/h2>\n

The ongoing gold price weakness is mostly because American investors have continued to dump their holdings in the past few months.<\/p>\n

Data compiled by ETF.com<\/a> shows that the popular SPDR Gold ETF (GLD) has shed over $2.8 billion this year. Similarly, the iShares Gold Trust (IAU) has shed over $2.6 billion this year.<\/p>\n

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American investors have dumped their gold holdings because of profit-taking after it surged to a record high in January.<\/p>\n

The selling also happened as investors sold the Iran war news since it was already priced in before it started. It is common for an asset to erase gains when a major event happens.<\/p>\n

A good example of this is the recent NVIDIA stock retreat, which happened after the company held its GTC event and published strong financial results.<\/p>\n

The war has also reduced the possibility that the Federal Reserve will deliver more interest rate cuts as inflation has jumped. WTI crude oil has jumped<\/a> to $112, while shipping costs, fertilizer, and transport costs have soared. <\/p>\n

As a result, analysts expect that the US inflation will jump to over 4% this year, a move that will prevent the Federal Reserve from cutting interest rates. <\/p>\n

Indeed, data shows that short-term government bond yields have continued rising, with the 2-year and 10-year moving to 3.8% and 4.2%, respectively. Gold price often does well when the Fed is cutting interest rates.<\/p>\n

Gold price forecast: Technical analysis\u00a0<\/h2>\n
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Gold chart | Source: TradingView<\/em><\/p>\n

The daily timeframe chart shows that gold price dropped to a low of $4,090 on May 23 to a high of $4,675 this week. It has moved above the key resistance level at $4,400, its lowest swing in February.<\/p>\n

The Average Directional Index (ADX) has jumped from the year-to-date low of 11.7 to 31, while the two lines of the Percentage Price Oscillator (PPO) have made a bullish crossover.<\/p>\n

The Relative Strength Index (RSI) has jumped from the oversold level of 30 to the current 45. <\/p>\n

Therefore, gold will likely continue rising in the coming weeks as the market absorbs the ongoing Turkish central bank sales. This view will be confirmed if it moves above the 50-day and 100-day Exponential Moving Averages.<\/p>\n

If this happens, the next key target to watch will be the psychological level at $5,000. A move above that level will point to more gains, potentially to the all-time high of $5,602.<\/p>\n

The post Gold price forecast amid relentless Turkish Central Bank selling<\/a> appeared first on Invezz<\/a><\/p>\n

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Gold price has remained in a tight range in the past two months as American investors and the Turkish central bank continued selling. It was trading at $4,676 on Friday, down substantially from the year-to-date high of $5,602. Turkish Central Bank is dumping gold One of the top reasons why the gold price is falling <\/p>\n","protected":false},"author":1,"featured_media":48513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-48512","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"_links":{"self":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/48512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/comments?post=48512"}],"version-history":[{"count":0,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/48512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media\/48513"}],"wp:attachment":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media?parent=48512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/categories?post=48512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/tags?post=48512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}