ANALYSIS
NQ100 Finds Support from PPIApr 14
XAUUSD: Ounce Gold Failed to Break the Channel
We saw that ounce gold got some reaction with the moderate retreat in the US 10-year bond yields. However, the core PCE Deflator, which is the inflation indicator closely monitored by the US Federal Reserve (FED), showed that the inflationary environment has not yet been left behind with 4.9% on an annual basis in August. In this context, the expectations that the FED might turn to a tightening path by further 75 basis points in November continued to weigh on ounce gold. From this point of view, the yellow metal, which failed in attempts to erode the upper boundary line of the descending channel, can decline to 1638 support, which is indicated by the Fibonacci 61.8% retracement line, in the pullbacks below the 1653 level. 1676 and 1688 resistances may come to the fore in possible upside attempts.
Support: 1653 – 1638 – 1625
Resistance: 1676 – 1688 – 1700
