{"id":61601,"date":"2014-10-08T13:38:11","date_gmt":"2014-10-08T17:38:11","guid":{"rendered":"http:\/\/countingpips.com\/?p=61601"},"modified":"2014-10-08T14:08:29","modified_gmt":"2014-10-08T18:08:29","slug":"u-s-traders-sell-gold-as-resistance-holds","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/u-s-traders-sell-gold-as-resistance-holds\/","title":{"rendered":"U.S. Traders Sell Gold As Resistance Holds"},"content":{"rendered":"<div id=\"inves-2232778358\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 8, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bearish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>The U.S. Dollar is slightly bearish \u2013 within a small corrective phase \u2013 against most counterparts as traders patiently await FOMC Meeting Minutes on Wednesday;<\/li>\n<li>Precious metals suffered a large sell-off so far during the U.S. trading session;<\/li>\n<li>Bouncing off $1,220 resistance trendline indicates Gold bears remain in control.<\/li>\n<\/ul>\n<p><em>A bullish bounce and two days of consolidation stirred up plenty of bullish scenarios for Gold bugs; however selling pressure built up quickly once the main resistance trendline at $1,220 was tested. With a new Lower High in place, sellers will be looking to re-test the line in the sand at $1,180 and possibly take another shot at breaking it.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/10\/Gold8thOct.png\" alt=\"Gold8thOct\" \/><\/p>\n<p>Halfway through the 8<sup>th<\/sup> October U.S trading session, Gold has erased all gains accumulated earlier in the day. Today\u2019s rally failed to overtake the most recent Lower High at $1,222, reversing instead once the resistance trendline was hit. Consequently, the swing structure indicating a downtrend remains intact for now and more losses are expected, unless the FOMC meeting minutes trigger a deeper sell-off in the US Dollar.<\/p>\n<p>Stochastic confirms today\u2019s top on the 4H chart, indicating a decline from overbought territory immediately after the European session. Before Gold can re-test $1.183, price must first close below $1,203, where we have an intermediary price pivot line, otherwise we might see a prolonged consolidation between this level and the upper resistance trendline.<\/p><div id=\"inves-4119898747\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>*********<br \/>\nPrepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways The U.S. Dollar is slightly bearish \u2013 within a small corrective phase \u2013 against most counterparts as traders patiently await FOMC Meeting Minutes on Wednesday; Precious metals suffered a large sell-off so far during the U.S. trading session; Bouncing off $1,220 resistance trendline indicates Gold bears remain in control. A [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-61601","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=61601"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61601\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=61601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=61601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=61601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}