ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce Gold Demand Remains Buoyant
The limited reaction to the dollar on the first trading day of the week reduced an ounce of gold a little. However, in an environment where it is almost certain that the US Federal Reserve (FED) will reduce the rate of monetary policy tightening and increase interest rates by 50 basis points instead of 75 basis points at its December meeting, it is quite possible that the demand for ounce gold will remain resistant. As a matter of fact, it is seen that the commodity is defending the intermediate trend line. As long as the 1780 level is maintained below, the commodity will remain highly likely to reach 1823 after 1808. 1766 support can be followed in the declines below 1780.
