{"id":1560,"date":"2009-04-24T09:13:26","date_gmt":"2009-04-24T14:13:26","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1560"},"modified":"2009-04-24T09:13:26","modified_gmt":"2009-04-24T14:13:26","slug":"gold-daily-commentary-for-42409","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/24\/gold-daily-commentary-for-42409\/","title":{"rendered":"Gold Daily Commentary for 4.24.09"},"content":{"rendered":"

By Fast Brokers<\/span><\/p>\n

Gold did take off after getting above the key $900\/oz level after a report that China has increased its gold reserves by 76% since 2003.\u00a0 However, gold\u2019s run has topped out after Durable Goods Orders beat analyst expectations this morning.\u00a0 The S&P futures are poised to breakout, meaning the precious metal could quickly return a lot of its recent gains.\u00a0 Additionally, we wouldn\u2019t be surprised to see gold retrace to $900\/oz simply due to the psychological significance of the level.\u00a0 Furthermore, the release from China\u2019s Xinhua news agency regarding the nation\u2019s gold reserves is a bit vague.\u00a0 Saying China has increased its reserves of gold by 76% since 2003 doesn\u2019t necessarily mean the buildup has happened recently.\u00a0 We\u2019re talking about a six year period in which China\u2019s overall reserves skyrocketed.\u00a0 Is China really diversifying from the Dollar, or is the government playing mind games by stating a figure spread over six years?\u00a0 One can never be sure.\u00a0 However, we opt for the mind games explanation.\u00a0 Either way, China is sending a clear message it plans on diversifying from the Dollar in the present and future, which is likely why gold is experiencing so much strength from the news.\u00a0 Regardless, gold\u2019s commitment to $900\/oz.+ future is a big move and investors should take notice.\u00a0 If the precious metal can close above our 3rd tier uptrend line on the 4-hour we could see more large near-term gains.\u00a0 Fundamentally we find resistances of $909.66\/oz, $913.47\/oz, $916.16\/oz, $919.54\/oz, and $922.69\/oz.\u00a0 To the downside, we see supports of $907.64\/oz, $905.85\/oz, $903.83\/oz, $900.41\/oz, and $898.15\/oz. Gold is currently trading at $907.65\/oz.<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong><\/span><\/a>.<\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – Gold did take off after getting above the key $900\/oz level after a report that China has increased its gold reserves by 76% since 2003…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1560","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=1560"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1560\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}