ANALYSIS
NQ100 Finds Support from PPIApr 14
50 EMA Will Be Decisive on Ounce Gold
Although the demand for an ounce of gold is alive with the rising concerns of recession in the global markets, the expectations that the US Federal Reserve (Fed) will raise interest rates by 75 basis points in July against inflation, which is at the peak of 41 years, put the commodity under pressure. In addition, the increase in investor risk appetite also plays a role here. Technically, the pressure on gold may continue as long as 1818, which is indicated by the 50-period exponential moving average (EMA), is not exceeded. If the psychological 1800 level is left behind permanently, the regression may continue until 1786 support. Crossing above the possible 50 EMA, 1830 resistance can be followed.
