Today, at around 2:00 PM, the Central Bank of the Republic of Turkey (CBRT) will announce its interest rate decision.

Market expectations are that the CBRT will reduce the interest rate from 50% to 48.5%. A rate cut could have a positive impact on the forex market, gold, and stocks.

However, as long as ONS Gold doesn't break the $2,640 level (i.e., can't hold above it), it could drop to the $2,500 support.

The BIST 100 Index has already tested my price target of 9,600 exactly; now, it is rising with the expectation of a rate cut.

If the rate cut happens, it could move again towards the 10,000–10,250 range from the 9,916 level. However, it is facing significant selling pressure at this level and could experience a strong sell-off again. As long as the BIST 100 Index can't stay above the 10,250 resistance, it will be stagnant.