ANALYSIS
NQ100 Finds Support from PPIApr 14
Gold may recover now
At the last Federal Open Market Committee meeting of the year, Fed removed ‘transitory’ from inflation outlook. After the meeting, Fed Chair Powell stated that there will be no rate hike before wrapping up its asset purchase program. As a result, we observed purchases in gold, the leading metal of the commodities. The precious metal may break the minor wedge pattern and signal a possible recovery. In this case, we will follow 1800 and 1814 level, indicated by Fibonacci 50.0 percent retracement line. On the other side, we will follow 1770 support level.
