ANALYSIS
NQ100 Finds Support from PPIApr 14
Selling Pressure Re-Activated on Ounce Gold
After Russian President Vladimir Putin declared a partial mobilization in his country, we have seen a reaction to the ounce of gold, the leader of safe harbors. However, the dollar, strengthened by the FED's 75 basis point rate hike, maintains its weight on the yellow metal. As a matter of fact, while the dollar index reached its highest level in 20 years with 111.58, the US 10-year bond yields reached its highest level in 11 years with 3.71. Under this outlook, as long as the 1680 level, pointed by the upper boundary line of the descending minor channel and the 50-period simple moving average (MA), is defended as resistance, the leader of the precious metals group is likely to continue its dissolution following the 1656 level until the 1644 support, which will be the lowest level since April 2022. In a possible transition above 50 MA, 1692 resistance can be followed.
