ANALYSIS
NQ100 Finds Support from PPIApr 14
FED Effect Continues on Ounce Gold
The critical November meeting of the US Federal Reserve (FED) is less than 48 hours away. In the interest rate decision to be announced, it is almost certain that the bank will increase interest rates by 75 basis points, which will be the fourth time in a row. At this point, the US 10-year bond yields are hovering around 4.00% levels. On the other hand, it does not seem possible for ounce gold pricings to enter a permanent recovery path yet. Technically, as long as the persistence is maintained below the 1658 level, which is indicated by the upper boundary line of the descending channel movement, a pullback can be observed till 1625 support, behind 1638. In possible transition above 1658, 1670 resistance may be in question.
