ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce Gold is Struggling to Find Demand
With the US Federal Reserve's (FED)'s upcoming September meeting priced in the prospects for an interest rate hike of 75 basis points, the US 10-years in global markets has reached its highest level since June 16 with 3.36 percent, while keeping an ounce of gold under pressure. Considering the technical appearance, it is observed that the yellow metal is due to the descending channel movement. As long as the persistence below the critical 1716 resistance continues, the risk of withdrawal may increase towards the descent to 1670, last seen in April 2020, after 1684.
