ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce Gold Might Head To Correction Path
We see that the weight on the ounce of gold has been preserved, with the US Federal Reserve (FED) Chairman Jerome Powell saying yesterday that they will continue to fight against high inflation. However, on the last trading day of the week, with the decline in the inflation data in China in August and the loss of Queen Elizabeth II's life in the UK, the decrease in risk appetite increased the demand for the ounce of gold. When technically examined, the yellow metal that tries to break the descending minor trend can carry its correction up to 1744 resistance, indicated by the Fibonacci 50.0 percent rejection line, if it leaves the 1736 level behind permanently. In downward movements, 1720 and 1711 support may be on the agenda.
