ANALYSIS
NQ100 Finds Support from PPIApr 14
The Pressure May Increase in Ounce Gold
Although demand for ounce gold remains alive due to Taiwan tensions on the US-China line, the recovery in the dollar is putting gold under pressure as some leading FED Board Members did not exclude a 75 basis point rate hike for the September meeting despite the falling inflation from a 41-year high in the US. All eyes will be on the minutes of the Federal Open Market Committee's (FOMC) monetary policy meeting. Technically speaking, if the yellow metal, which signals downside movements with the trend change, passes below the 1764 support permanently, the losses may deepen until the 1745 support, which is marked by the Fibonacci 50.0 percent correction line after the 1756 level. In the possible upside scenario, the psychological 1800 resistance can be followed after 1788.
