ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce Gold at 2.5-Years Low
The dollar, which was strengthened by the expectation of another 75 basis point interest rate hike at the Federal Open Market Committee (FOMC) meeting to be held on September 20 – 21, in order to reduce high inflation in global markets, put the ounce of gold, the leader of safe harbors, under strong pressure. As a matter of fact, US long-term bond yields are also approaching %3.50 levels. In the technical view, if the yellow metal, which begins to erode the lower boundary line of the band area on the last trading day of the week, passes behind 1650 permanently, it can sustain the decline up to the 1641 level, which will be the lowest in about 2.5 years. On the upside attempts, 1672 and 1681 resistances may come to the fore.
