ANALYSIS
NQ100 Finds Support from PPIApr 14
30 WMA Will Be Decisive in Ounce Gold
With the statements of influential figures of the Federal Open Market Committee (FOMC), we see that an ounce of gold remains under the pressure of the dollar, as the possibility of another 75 basis point rate hike in September increases. The short-term selling potential in the yellow metal, which technically points to 1750, will be preserved as long as the 30-period weighted moving average (WMA) is maintained, and can deepen to the level of 1711, last seen on July 27, behind 1723, with the end of the 1732 support. In the transition above the possible 30 WMA, 1762 resistance will be followed.
