ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce Gold Can Deepen Losses
Although the recession concerns in the global markets kept the demand for the leading ounce of safe-haven gold somewhat alive, we see that the yellow metal could not relieve the pressure as a result of not excluding a 75 basis point interest rate hike in the meeting minutes of the FOMC and the recovery in investor risk appetite. Technically, if the ounce of gold, which has technically changed the channel and accelerated its path on the downtrend, permanently passes below the 1741 level, the losses can deepen to the 1730 support, which is indicated by the Fibonacci 61.8% correction line. On the upside attraction, there may be 1775 resistance after the 1764 level.
