ANALYSIS
NQ100 Finds Support from PPIApr 14
XAUUSD:Chinese Support for Ounce Gold
On the last trading day of the week, after the People's Bank of China (PBoC) decoupled from the global tightening trend and lowered the benchmark 5-year loan prime interest rate (LPR) by 15 basis points to 4.45 percent, surprisingly, the demand for the safe-haven group increased. While the US 10-years, the indicator of the bond market, eased up to around 2.83 percent, the ounce of gold, the leader of the precious metals group, is at its highest level in one week. Technically, if the commodity manages to hold above the 50-period simple moving average of 1829, which it completed its transition, it could retrace its losses after 1856, up to 1870, the value of the Fibonacci 38.2 percent retracement line. In case of possible sagging below 50 MA, 1814 support can be followed.
