ANALYSIS
NQ100 Finds Support from PPIApr 14
The 1800 Level is Critical on Ounce Gold for the Continuation of Sales Movements
Demand for ounce gold is kept alive as recession concerns rise in global markets. However, against the strongest inflationary climate in 41 years in the world's largest economy, the members of the Federal Open Market Committee (FOMC) are extremely determined in their positions. Especially the statements of influential members of the committee for another 75 basis point rate hike for the July meeting is the main reason for the pressure on gold ounces here. Technically, if the commodity, which does not seem likely to enter a meaningful recovery path as long as the 100-period exponential moving average pointing to 1832 is preserved as resistance, the losses may continue until the 1786 support, which is the lowest level since May 16.
