ANALYSIS
NQ100 Finds Support from PPIApr 14
XAUUSD Cannot Find Demand While FED's Another Interest Rate Hike of 75 Bps
The consumer price index (CPI), which was announced in the USA yesterday, was able to regress to 8.2% in September, despite the market's expectations of 8.1% on an annual basis. In this period, as the core CPI reached the peak of 40 years with 6.6%, the markets are certain that the US Federal Reserve (FED) will increase interest rates by another 75 basis points in November in order to alleviate the persistently rigid inflation pressures, while the demand for ounce gold continues to remain weak. From a technical point of view, it is clear that the yellow metal has declined in the intermediate channel. Below, the end of 1646 support could pave the way for losses until 1628. Above, the 1679 – 1697 range will continue to be a strong resistance zone.
