ANALYSIS
NQ100 Finds Support from PPIApr 14
Ons Gold Experience Selling Pressure Before the FOMC Minutes
The minutes of the US Federal Reserve's (FED) monetary policy meeting for July will be released today. In this context, it will be closely monitored whether the bank will give a signal on the interest rate hike path for its next meeting. As a matter of fact, despite the declining inflation from the peak of 41 years, some leading FED members still keep a 75 basis point rate hike on the agenda. Under this outlook, the yellow metal is heading for a bearish path, while the dollar is under pressure on international assets. Technically, as long as the 1786 level, which is indicated by the 50-period simple moving average, is defended as a resistance, the selling pressure that will be in effect can continue until the 1754 support after the 1765 level. In case of crossing above the possible 50 MA, 1794 resistance can be seen.
