ANALYSIS
NQ100 Finds Support from PPIApr 14
Pressure on Ounce Gold is Maintained
With the decline in PMI data, which is one of the leading indicators of economic growth, announced yesterday in the USA, the expectations that recession risks will increase in the country keep the ounce gold alive. However, in addition to the messages of the FED Officials, who kept their hawkish statements in the face of the high inflationary environment, the almost certainty of a 75 basis point rate hike at the bank's upcoming November meeting is hampering the yellow metal's recovery. Technically speaking, the weight is likely to remain on the commodity as long as it stays below the 1658 level indicated by the 100-period exponential moving average. If the commodity is permanently below the 1632 level, the decline may continue until the 1620 support.
