Last week, dollar and coin prices came to new borders by crossing resistance levels. On the first day of the week, the dollar managed to climb a range of 8,500 tomans. The dollar rallied around 8 thousand and 280 USD on Thursday, with a 14 day high on the weekend. The dollar’s rising trend and a resistance breakdown boosted some of the traders’ increasing impressions; the $ 7,700 to 8,000 and $ 300 might drop the start of the new currency market and set a new range for it.
At the same time, some of the oscillation actors described it as sectional and said that by offering a European package to Iran it is possible to return prices to previous levels. On the day the dollar went to the middle of the 8,000-tonne border, the whole of the Liberty Spring crossed the boundary of 3 million, and went on a steep rise to the top of the channel of 3 million and 100 thousand tomans. On Saturday, the coin rose to 120 thousand tomans at a price of 3 million 110 thousand tomans. The coin also experienced a surge of 110,000 tomans on Thursday. In this way, the coin experienced more than 8% increase in price over two working days. In the same period, the dollar has grown nearly 5% on the informal market.
Future signal to cash markets?
Some activists believed that the rise in prices on the futures market in recent days has pushed up an increase in cash markets. However, on Saturday, rising prices hit the cash market. On the last day, cash transactions in coins began on the channel of 2 million 990 thousand tomans; however, around 11:30 a coin stood at a level of 3 million and an hour later it rose to 3 million and 90 thousand USD. In fact, before the commencement of orders for the coin market, which starts at around 12:30, cash coins were recorded at around 100,000 tomans. Regarding this, a group of market players believed that future coinage transactions did not play a significant role in the cash market of this precious metal; however, with the onset of future trades, the price of the coin experienced a slight increase and fell to 3 million and 100 thousand Toman crossed. The first futures deal at the end of December was around 3 pm and 755 USD, around one o’clock in the afternoon. Following this transaction, the cash market also entered new levels as indicated. Market actors, of course, believed that the price of coins was more in-market, and futures only played a role-playing role. Some people also said that the rise in the price of cash coins in recent days has damaged some of the upcoming vendors, and they have tried to compensate for some of the lost profits by entering the cash market and increasing purchases.
The second curtain of the future market effect
After the transaction was recorded 3,575,500 tomans on the next maturity date, a stock exchange notice was issued. The text of the announcement indicated that it would not be feasible for market participants from the sunset day until further notice to obtain an accrual commitment to buy and sell future coin gold futures. In fact, traders can not take a new position from today; with the release of this news, the futures market became more fluctuating; by 4 pm, even down to a channel of 3 million and 600 thousand dollars, it quickly went back to the channel of 3 million and 700 thousand dollars coming back. An increase of 230 thousand Tomans of the coin in recent days has occurred in a situation where the ounce price in the global markets has not experienced a significant increase and ultimately ended in the $ 231 million. A number of traders believe that the above factors have not played any role in the growth of coin prices. In their view, the market is more affected by political expectations and embarking on sanctions. According to them, new releases will affect traders’ expectations during the upcoming sanctions. In recent days, there has been a lot of news about the decline in Iranian oil imports by some trading partners, one of the currency actors said. Along with this, some news about the curtailment of travel currency was also influenced by a number of activists in rising prices. In their view, traders raised purchases by raising awareness of the issue.
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