ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce Gold May Fall to 2-Year Low
The repercussions of the November meeting of the Federal Open Market Committee (FOMC) continue in international markets. Markets were waiting for the signal to slow down in monetary tightening after the Committee made the last 75 basis point rate hike. However, the Committee stated that it is too early to interrupt the monetary tightening cycle. This has put ounce gold under strong pressure. Technically speaking, it is clear that the yellow metal has ended its minor uptrend. Below, 1612 support will be in our close marking. The ending here can open the way for losses up to the psychological 1600. The 1637 – 1650 line above can be monitored as a strong resistance zone.
