ANALYSIS
NQ100 Finds Support from PPIApr 14
Ounce of Gold May Have Entered Correction Path with Russia's Declaration of Mobilization
The expectation of another 'jumbo’ rate hike at the FED's critical September monetary policy meeting to be announced today was putting ounce gold under pressure. However, we see that the demand for safe harbors has increased with the effects of Russian President Vladimir Putin's declaration of the partial national mobilization in his country. From this point of view, the yellow metal, which broke the descending wedge formation with upward attacks, is likely to rise as high as the 1680 - 1692 levels marked by the Fibonacci retracement range. Below, the 1660 support can be followed.
