ANALYSIS
NQ100 Finds Support from PPIApr 14
The Heaviness of the FED Week in Ounce Gold
Markets have entered the critical Federal Open Market Committee (FOMC) week. While expectations are anchoring that the Committee will raise interest rates by another 75 basis points, the ounce of gold is struggling to find demand against the dollar. On the technical outlook, the yellow metal continues to give back gains with descending channel movement by settling below the 30-period weighted moving average (WMA). The 1646 support below is extremely critical. Ending this level may accelerate sales to 1630, last seen in April 2020. On the other hand, the commodity is unlikely to head for a correction path unless it exceeds the 30 WMA with 1678 level value.
