ANALYSIS
NQ100 Finds Support from PPIApr 14
XAUUSD:Downside Pressure Strengthens on Ounce Gold
The pressure of tightening global monetary policies is increasing on the ounce of gold. Despite the recession risks in the world's largest economy, the hawkish attitude of the members of the Federal Open Market Committee (FOMC) is extremely critical. The day we left behind, Williams, one of the influential members of the Committee, pointed out that a 75 basis point rate hike will be discussed at the next meeting. Earlier today, Cleveland Fed Chairman Loretta Mester's statement, "We want to see US interest rates rise above 4 percent next year," is very important. As a matter of fact, with the rise of neutral interest expectations, the US 10-year bond market is hovering around 3.15 percent, while the yellow metal is struggling to find demand. Under this outlook, as long as the 1835 level, which is indicated by the 100-period exponential moving average, is defended above as a resistance, the possibility of a descent to the 1784 level, which was last seen on January 28, behind the psychological 1800, will be preserved in the commodity.
