ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce of Gold Confirms Descending Channel View
With the dollar under pressure in the first quotations of the new week, we see limited upward movements in ounce gold pricing. However, statements from policy makers of developed countries pointing out that more rate hikes are on the way continue to pose a strong obstacle to the recovery of the yellow metal. Technically, the commodity has confirmed its descending channel outlook by touching the 100-period exponential moving average with its bullish attempts. If critical 1712 support below can end with resolutions, the losses can last until 1688, last seen on July 21st, behind psychological 1700. In a possible crossing over the channel, 1735 and 1748 resistances can be followed.
