ANALYSIS
NQ100 Finds Support from PPIApr 14
XAUUSD:Ounce Gold Continues Downward Trend
The repercussions of the Federal Open Market Committee's (FOMC) interest rate hike by 75 basis points above expectations continue in international markets. While the dollar strengthens as the neutral rate expectations rise, the ounce of gold struggles to find demand. However, the fact that recession concerns started to be talked about on Wall Street also has moderate upside support for the precious metal. As a matter of fact, the commodity confirmed its outlook to the downside, following the strong resistance it faced at the 200-period exponential moving average (EMA) in the Fibonacci retracement zone. If the 1834 support can be broken into relaxations, a psychological retreat can be observed from 1816 until 1800. In a possible permanent transition above 200 EMA, 1866 and 1882 resistances will be followed.
