{"id":1989,"date":"2009-05-15T10:29:56","date_gmt":"2009-05-15T15:29:56","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1989"},"modified":"2009-05-15T10:29:56","modified_gmt":"2009-05-15T15:29:56","slug":"gold-daily-commentary-or-51509","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/15\/gold-daily-commentary-or-51509\/","title":{"rendered":"Gold Daily Commentary or 5.15.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Forex Brokers<\/span><\/p>\n<p>Gold continues to climb north while locking in a positive correlation with U.S. equities. The precious metal is enjoying gains and only partially participating in pullbacks. Volume is falling off, implying the present rally could experience a peak and consequential pullback in the near-term. However, the uptrend seems to be in the driver\u2019s seat and this could continue to be the case until our downtrend line and\/or the psychological $950\/oz barrier. Meanwhile, gold is building up a solid base above the critical $900\/oz psychological level. As a result, any near-term weakness has several lines of defense ready to act. Therefore, we have a bullish outlook for the near-term.<br \/>\nMeanwhile, the precious metal continues to exhibit odd behavior, including a positive correlation with equities. Perhaps gold is thriving off of rising oil and signs of inflation. We\u2019re seeing a positive reaction to a higher than expected Core CPI from the U.S. coupled with a higher than expected headline CPI from the EU. Additionally, we may be witnessing further diversification of China\u2019s reserves from the Dollar into gold, reducing supply and raising price.<br \/>\nFundamentally, we maintain resistances of $933.40\/oz, $940.04\/oz, $943.18\/oz, $947.81\/oz, and $951.34\/oz. To the downside we hold supports of $923.07\/oz, $918.43\/oz, $911.55\/oz, $908.39\/oz, and $902.12\/oz. Gold is currently trading at $929.85\/oz.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/5_15gold.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/5_15gold.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 Forex Brokers &#8211; Gold continues to climb north while locking in a positive correlation with U.S. equities. The precious metal&#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-1989","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1989","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=1989"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1989\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}