ANALYSIS
NQ100 Finds Support from PPIApr 14
China and FED Influence Continues on Ounce Gold
The coronavirus restrictions in China and the spreading protests continue to support ounce gold pricing with the demand for a safe haven. In addition, hopes that the FED will consider a softer rate hike at the last monetary policy meeting of the year in December lower the dollar, allowing the yellow metal to be supported. Indeed, just the other day Richmond Fed Chairman Thomas Barkin reported that the bank supports smaller rate hikes as it moves to curb high inflation. Technically speaking, the 1768 level will be followed closely in the yellow metal, which continues to defend the intermediate uptrend. In the possible crossing above here permanently, the 1780 resistance can be considered. In the downward movements that may occur, 1742 support may be in question.
