The gold and coin market saw a price increase in trading on Wednesday, September 25. The rise in global gold prices was the main factor supporting the market, but the decline in the dollar during afternoon trading neutralized some of the upward effect of the gold price.
Current Prices and Support Levels
The current price of 18-carat gold, based on the announced rate, is 235 million and 71 thousand rials, equivalent to 23 million and 507 thousand and 100 tomans. The price of the Imam coin is calculated at approximately 2 billion and 340 million and 100 thousand rials, or about 234 million and 10 thousand tomans.
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After the declines of recent days, 18-carat gold has managed to return to the range above 23.5 million tomans. Currently, the range of 23.3 to 23.5 million tomans can be considered as short-term support for the market. On the other hand, the range of 23.8 to 24 million tomans will be an important resistance level for gold.
Future Market Scenarios
If the global gold price remains at higher levels and the dollar also enters an upward trend again, 18-carat gold could move towards 23.8 million tomans. Crossing and stabilizing above this range increases the likelihood of the price reaching 24 million tomans. However, if the dollar decreases and the current levels of the global gold price are not maintained, there is a possibility for 18-carat gold to return to the range of 23.3 to 23.5 million tomans.
The Imam coin currently has a price of about 234 million tomans. Meanwhile, market reports indicate that the coin has moved in recent trades under the influence of simultaneous fluctuations in the dollar and global gold prices. The range of 232 to 233 million tomans is an important support level for the coin in tomorrow's trades, while the range of 236 to 238 million tomans could be a nearby resistance for the market.
If the global gold price continues to rise and demand in the market increases, the coin could first test the range of 236 to 238 million tomans. Breaking through this resistance opens the path for movement towards 240 million tomans. If the dollar decreases and selling pressure in the market increases, the coin could retreat towards the support of 232 to 233 million tomans.
Tomorrow's market will begin in a situation where, on one hand, the global gold price supports gold, and on the other hand, dollar fluctuations can still change the course of the domestic market. Given the current price, the likely scenario for tomorrow's trades is fluctuation within the current range with a mild upward tendency, provided that the mentioned supports are not lost.
Possible market scenarios include gold crossing 23.8 million tomans and the coin crossing 238 million tomans in a bullish scenario, and breaking the support of 23.3 million tomans in gold and 232 million tomans in the coin in a bearish scenario.
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