ANALYSIS
NQ100 Finds Support from PPIApr 14
US CPI Data Created a Rocket Effect for Ounce Gold
With inflation rates falling, below market expectations, to 7.7% on an annual basis in October, the expectations that the FED will soften aggressive interest rate hikes have blown ounce gold pricing. As a matter of fact, some FED officials' emphasis on moderate rate hikes continues to support the yellow metal. The US 10-year bond yields were pulled back to 3.80. Technically, in the yellow metal, which left the channel movement behind and started to defend the upward trend line, if the 1768 level is exceeded with permanent closures, the 1775 resistance, which will be the highest in about 3 months, can be caught on our radar. In possible retreats, 1745 and then 1734 supports can be followed.
