{"id":1694,"date":"2009-04-30T11:05:05","date_gmt":"2009-04-30T16:05:05","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1694"},"modified":"2009-04-30T11:05:05","modified_gmt":"2009-04-30T16:05:05","slug":"gold-daily-commentary-for-43009","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/30\/gold-daily-commentary-for-43009\/","title":{"rendered":"Gold Daily Commentary for 4.30.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>Gold is experiencing a sharp retracement from the highly psychological $900\/oz level and our 2nd tier downtrend line in reaction to the S&amp;P futures leaping to new 2009 highs.\u00a0 Hence, the precious metal continues to follow its negative correlation with U.S. equities, even if it registers relative strength on the knowledge that China is buying up gold to diversify its reserves.<\/p>\n<p>Even though gold is showing this relative strength, losses in the precious metal could accelerate if it does in fact kiss $900\/oz goodbye this time around.\u00a0 Due to the vast fundamental strides made by global equities over the past 24 hours, we wouldn\u2019t be surprised to witness gold buckle under the pressure of its downtrend.<\/p>\n<p>Despite the negative developments in gold, we could see a nice decent sized pop up in the precious metal today as investors may be inclined to take profits in equities with the S&amp;P approaching 900.\u00a0 Therefore, we wouldn\u2019t be surprised to see gold head back up towards our $889.87\/oz resistance today.\u00a0 The key to the downside will likely be our $877.79\/oz support.\u00a0 If this level doesn\u2019t hold, we could see near-term losses accelerate.\u00a0 Keep a close eye on equities as the two investment vehicles will be closely tied.<\/p>\n<p>Fundamentally we find resistances of $887.19\/oz, $889.87\/oz, $893.01\/oz, $896.59\/oz, and $899.72\/oz.\u00a0 To the downside, we see supports of $882.04\/oz, $880.03\/oz, $877.79\/oz, $874.88\/oz, and $873.09\/oz. Gold is currently trading at $884.40\/oz.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/4_30gold.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/4_30gold.gif\" alt=\"\" width=\"595\" height=\"500\" \/><\/a><\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?PL080\" target=\"_blank\"><span style=\"text-decoration: underline;\"><strong>Fast Brokers<\/strong><\/span><\/a>.<\/p>\n<p><strong>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<p><strong>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":"<p>By Fast Brokers &#8211; Gold is experiencing a sharp retracement from the highly psychological $900\/oz level and our 2nd tier downtrend line&#8230;<\/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-1694","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1694","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=1694"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1694\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}