ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce Gold's Recovery Effort Failed
After the moderate decreases in the dollar in recent days, the news that Russia could use nuclear weapons in the war, which was reflected in the markets, supported the ounce gold pricing. However, we see that the support in question is not permanent in the yellow metal. Here, the fact that the US economy is technically out of recession and that the US Federal Reserve (FED) is likely to apply a 'jumbo' interest rate hike at the monetary policy meeting to be held next week plays an active role. Technically speaking, in the yellow metal, which failed to break the upper boundary line of the channel and tended to retreat, if it is passed below the 1640 level with permanent closures, the regression path can continue until 1628 support. In possible upward movements, 1662 and then 1674 resistances may be in question.
