ANALYSIS
NQ100 Finds Support from PPIApr 14
100 EMA Will Be Decisive in XAUUSD
The day we left behind, China's stimulus package announcement to help and revitalize the economy gave support to ounce gold. However, we see that ounce of gold is suppressed by the hawk statements of some leading FED Officials despite inflationary pressures. Indeed, St. Louis FED President James Bullard argued that they should reduce the policy rate to the range of 3.75-4 percent by the end of the year. The statements of FED Chairman Jerome Powell, who will make statements at the Jackson Hole meeting today, will also be closely followed in terms of an ounce gold pricing. Technically, as long as the 1760 level, which is indicated by the 100-period exponential moving average and the upper border line of the descending minor channel, is defended as a resistance, the yellow metal, which is likely to maintain the pressure on it, can be observed to dissolve until the 1734 support in permanent transitions below the 1742 level. In the crossover above the possible 100 EMA, 1771 followed by 1782 resistance can be followed.
