ANALYSIS
NQ100 Finds Support from PPIApr 14
Recovery Continues in Ounce Gold
The beginning of some relaxation steps in the Covid-19 measures in China has somewhat reduced the demand for safe haven in the markets. However, yesterday, the decline in the personal consumption expenditures price index (PCE Deflator) to 4.3 percent in the third quarter in the USA increased the possibility of a moderate 50 basis points increase in interest rates by FED at the December meeting, putting pressure on the dollar, while keeping the gold ounce resistant. Technically speaking, the yellow metal seems to have ended its minor downtrend. It seems likely that the recovery will continue to the level of 1805 after 1790, if a hold on the new reference point 1765 is achieved.
