ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce Gold May Not Find Permanent Demand
The World Health Organization (WHO) has declared the monkeypox pandemic an international public health emergency, and the first reports of the new week show some purchases of ounce gold. However, as we enter the critical US Federal Reserve week, it is unlikely that the yellow metal will find a lasting demand in markets where aggressive tightening expectations are expected. Under this outlook, the commodity is likely to find strong resistance in the 1744 – 1762 range, where the Fibonacci retracement zone opens on its bullish attacks. Below, 1714 support will be the cornerstone to 1700, which is the psychological boundary line.
