ANALYSIS
NQ100 Finds Support from PPIApr 14
The Demand for Ounce Gold Still Alive
In the USA, after the NFP data, another 75 basis point increase in interest rates in the markets at the critical September meeting of the US Federal Reserve (FED)a burden to ounce gold. However, concerns about Taiwan tensions between the US and China and the Russia-Ukraine war are keeping the demand for yellow metal alive. There is also the effect of the debt crisis in Italy, which has come to the fore again with the uncertainty of the government. Technically, the outlook will be upward as long as the 1774 level, where the ascending channel marks the bottom line, will be upwards. After the 1794 level, an increase can be observed until the 1806 resistance, which is the highest level since July. In the possible transition to 1774 gold, 1765 support may come to the fore.
