ANALYSIS
NQ100 Finds Support from PPIApr 14
TDI Data Dominates Ounce Gold
The nonfarm payrolls (NFP) indicators announced by the US Department of Labor last Friday have put pressure on ounce gold pricing. NFP was announced 263 thousand people, above the market expectations of 250 thousand people. Expectations that tight labor demand will keep inflationary pressures alive and the possibility that the US Federal Reserve (FED) may maintain its aggressive stance at its monetary policy meeting in November increases the weight on the yellow metal. When analyzed technically, in ounce gold, which is seen to have started to decline by breaking the rising minor trend, losses may deepen up to 1665 support in case of permanent retreats below the 1677 level. In upward attempts that may occur, the psychological 1700 resistance can be followed closely.
