{"id":1727,"date":"2009-05-04T09:38:02","date_gmt":"2009-05-04T14:38:02","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1727"},"modified":"2009-05-04T09:38:02","modified_gmt":"2009-05-04T14:38:02","slug":"gold-daily-commentary-for-5409","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/04\/gold-daily-commentary-for-5409\/","title":{"rendered":"Gold Daily Commentary for 5.4.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>Today\u2019s early rally in gold is selling off as the upward movement failed to attract substantial volume.\u00a0 Meanwhile, the precious metal is drifting below the highly psychological $900\/oz mark and 4\/29 highs.\u00a0 Gold remains lodged in our downtrend dating back to February with the S&amp;P futures approaching their own highly psychological 900 level.\u00a0 What should stick out are the counterbalancing momentums as the negatively correlated investment vehicles battle with their respective critical levels.\u00a0 With the upward momentum seemingly on the side of U.S. equities, it is difficult to have a positive outlook on the precious metal right now trend wise.\u00a0 However, the performance of gold has been particularly unpredictable, so there may be more reliable investment vehicles out there.\u00a0 To the downside, the next stop for gold appears to be our 2nd tier uptrend line and our $884.70\/oz support.\u00a0 If the precious metal can manage to climb back above today\u2019s high, then the next meaningful barrier would likely be our $897.30\/oz resistance.<\/p>\n<p>Today\u2019s activity should come down to the Pending Home Sales data release from the U.S.\u00a0 Even though we maintain our bearish outlook on gold trend-wise, we wouldn\u2019t be surprised to see a near-term pop in the precious metal should U.S. equities hesitate at 900.<\/p>\n<p>Fundamentally we find resistances of $894.04\/oz, $897.30\/oz, $899.72\/oz, $903.59\/oz, and $906.42\/oz.\u00a0 To the downside, we see supports of $889.87\/oz, $887.31\/oz, $884.70\/oz, $882.53\/oz, and $880.03\/oz. Gold is currently trading at $890.65\/oz.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/5_4gold.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/5_4gold.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; Today\u2019s early rally in gold is selling off as the upward movement failed to attract substantial volume&#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-1727","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1727","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=1727"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1727\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}