{"id":2160,"date":"2009-05-28T09:00:57","date_gmt":"2009-05-28T14:00:57","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2160"},"modified":"2009-05-28T09:00:57","modified_gmt":"2009-05-28T14:00:57","slug":"gold-daily-commentary-for-52809","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/28\/gold-daily-commentary-for-52809\/","title":{"rendered":"Gold Daily Commentary for 5.28.09"},"content":{"rendered":"

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

Gold continues its stabilization, balancing along the highly psychological $950\/oz level.\u00a0 Our resistance and support levels are fairly tight as the S&P battles its demons at 900, meaning consolidation could continue for the immediate-term.\u00a0 Meanwhile, gold is building a new base which can serve as solid support in the future.\u00a0 Our 2nd and 3rd tier uptrend and downtrend lines reached an inflection point today, highlighting the relative importance of present levels.\u00a0 Gold continues to exhibit a positive correlation with U.S. equities.\u00a0 The recovery in global equity markets is sending oil sky high while the Dollar depreciates across the board, sparking fear of inflation.\u00a0 Gold has served as a reliable hedge against inflation in the past.\u00a0 As a result, investors are fleeing to the precious metal.\u00a0 Additionally, we wouldn\u2019t be surprised if China is aggressively purchasing the precious metal to diversify its reserves.<\/p>\n

While momentum is in favor of the uptrend, the downtrend still has several upcoming barriers preventing gold from a large breakout to the upside.\u00a0 To give you a better idea of the limitations to the upside trend-wise, create layers of downtrends beginning from March 2008 highs and connecting through February 2009 highs.\u00a0 If the precious metal can manage to rally above these potential downtrend lines, then we may witness an all-out bull trend.\u00a0 The fact that gold is stabilizing around $950\/oz is a positive sign indicating bulls could be preparing to take the next step to the upside.<\/p>\n

Fundamentally we maintain our resistances of $950.87\/oz, $953.40\/oz, and $955.66\/oz with fresh top-ends resting at $959.24\/oz and $961.45\/oz.\u00a0 To the downside, we see supports of $948.96\/oz, $946.33\/oz, $944.48\/oz, $942.45\/oz, and $940.45\/oz. Gold is currently trading at $950.50\/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 continues its stabilization, balancing along the highly psychological $950\/oz level. Our resistance…<\/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-2160","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2160","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=2160"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2160\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}