{"id":1898,"date":"2009-05-11T08:29:42","date_gmt":"2009-05-11T13:29:42","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1898"},"modified":"2009-05-11T08:29:42","modified_gmt":"2009-05-11T13:29:42","slug":"gold-daily-commentary-for-51109","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/11\/gold-daily-commentary-for-51109\/","title":{"rendered":"Gold Daily Commentary for 5.11.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>Gold is turning back from our 2nd tier uptrend line after the precious metal was unable to power through our 2nd tier downtrend line.\u00a0 Gold continues to experience an odd, positive correlation with U.S. equities.\u00a0 Despite Monday\u2019s weakness, our 1st tier uptrend line is intact, and momentum is still in favor of the bulls.\u00a0 Meanwhile, gold remains comfortably above the highly psychological $900\/oz level.\u00a0 The performance of gold has been very unpredictable lately since it is difficult to decipher the driving force behind gains.\u00a0 Could it be the fear of future in inflation in the wake of unprecedented amounts of quantitative easing, or are bulls riding on the fact that China is using the pressure metal as a way to diversify its reserves from the U.S. Dollar?\u00a0 Regardless, the positive correlation with U.S. equities lives on.\u00a0 Therefore, reference the S&amp;P futures.<\/p>\n<p>Fundamentally we find supports of $908.37\/oz, $905.98\/oz, $903.59\/oz, $905.98\/oz, $903.59\/oz, and $901.35\/oz.\u00a0 To the topside, we see resistances of $910.98\/oz, $913.15\/oz, $915.76\/oz, $917.71\/oz, and $920.75\/oz. Gold is currently trading at $911.40\/oz.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/5_11gold.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/5_11gold.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 turning back from our 2nd tier uptrend line after the precious metal was unable to power through our 2nd tier&#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-1898","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1898","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=1898"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1898\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}