{"id":2212,"date":"2009-06-01T09:47:18","date_gmt":"2009-06-01T14:47:18","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2212"},"modified":"2009-06-01T09:47:18","modified_gmt":"2009-06-01T14:47:18","slug":"gold-zooms-towards-1000oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/01\/gold-zooms-towards-1000oz\/","title":{"rendered":"Gold Zooms Towards $1000\/oz"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>Gold is topping out after making an incredible bull move on Friday.\u00a0 The precious metal seemed to have overextended itself by re-approaching the critical $1000\/oz level rather quickly.\u00a0 Gold is now turning back from our 2nd tier downtrend line as volume falls off, a sign that bulls have overextended themselves.\u00a0 Gold continues to exert its strong positive correlation with crude and tends to serve as a leading indicator for U.S. equities.\u00a0 Investors are using it as a hedge for inflation as they exit the U.S. Dollar.\u00a0 Gold has made bull move after bull move on considerable volume during its present uptrend past $900\/oz, making a retest of $1000\/oz seem likely.\u00a0 There are 3 obstacles in the uptrend\u2019s path, with the final test being $1000\/oz.\u00a0 Our next two downtrend lines should prove to be power forces and act as consolidation zones.\u00a0 The 3rd tier downtrend line is critical since it connects through February 20, or 2009 highs.\u00a0 A strong, fundamental bull move through our 3rd tier on large volume could be an indication that $1000\/+ may finally become a reality.\u00a0 The S&amp;P futures have inched above their own yearly highs. Considering the positive correlation between the two investment vehicles, the pieces are falling into place for Gold\u2019s uptrend.\u00a0 We maintain our bullish outlook trend wise for gold despite the upcoming challenges as the fundamentals and momentum remain in favor of the bulls.<\/p>\n<p>Fundamentally we find resistances of $983.25\/oz, $985.33\/oz, $987.29\/oz, $989.03\/oz and $992.23\/oz.\u00a0 To the downside, we see supports of $980.56\/oz, $978.11\/oz, $975.81\/oz, $972.59\/oz, and $970.35\/oz. Gold is currently trading at $981.05\/oz.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/6_1gold.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/6_1gold.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 topping out after making an incredible bull move on Friday.  The precious metal seemed to have overextended&#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-2212","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2212","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=2212"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2212\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}