ANALYSIS
NQ100 Finds Support from PPIApr 14
FED Pressure Continues on Ounce of Gold
In ounce of gold pricing in international markets, the repercussions of U.S. inflation continue. The fact that the consumer price index (CPI), reported by the Ministry of Labor, was %8.3 on an annual basis in August, despite the market's expectation of %8.1, increased the possibility of 75 basis points further tightening of the U.S. Federal Reserve (FED) for the September meeting, while ounces of gold remained under the pressure of the dollar. From a technical point of view, the losses may deepen to 1675, which would be the lowest in 2 years, when the yellow metal, which breaks the rising wedge at the minor level and opens the way for downward expansion, stretches below the 1690 support. In possible upward attempts, the 1716 – 1730 line will be a strong resistance zone.
