ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce Gold at 2-Months Low
The reflections of the inflation data announced for the world's largest economy continue in ounce gold pricing in international markets. The consumer price index (CPI), reported by the US Department of Labor the previous day, stood at %8.3 in August, against the market's expectations of %8.1 annually. Yesterday, the ministry announced the producer price index (PPI) for the same period at the level of %8.7, while the expectations of a further 75 basis points tightening of the September meeting of the Federal Open Market Committee (FOMC) pressed the ounce of gold. The yellow metal, which has declined to its lowest level since July 21 with the descending channel movement under this view, can dissolve up to 1664, which will be the lowest in 2 years following 1676, if it provides permanence below the psychological boundary line of 1700.
