{"id":2282,"date":"2009-06-03T11:41:28","date_gmt":"2009-06-03T16:41:28","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2282"},"modified":"2009-06-03T11:41:28","modified_gmt":"2009-06-03T16:41:28","slug":"gold-bounces-between-our-1st-and-2nd-tier-downtrend-lines","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/03\/gold-bounces-between-our-1st-and-2nd-tier-downtrend-lines\/","title":{"rendered":"Gold Bounces Between our 1st and 2nd Tier Downtrend Lines"},"content":{"rendered":"

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

Gold retested our 2nd tier downtrend line yesterday, yet failed to close above on our 4-hour chart.\u00a0 The precious metal has since pulled back, finding comfort in our 2nd tier downtrend line once more.\u00a0 Gold seems to be settling into a consolidation pattern with the critical $1000\/oz level just out of reach.\u00a0 Volume is declining gradually, and it appears investors seek a follow through from either U.S. equities or another strong leg of depreciation in the U.S. Dollar before the precious metal overcomes its own obstacles.\u00a0 The fact that gold is finding strength in our 1st tier downtrend line is encouraging for bulls.\u00a0 However, the inability of the precious metal to climb above 2nd tier is a little disconcerting.\u00a0 Furthermore, until our 3rd tier downtrend line is breached, the possibility remains that gold could duck back into its medium-term downtrend line.\u00a0 We will just have to wait and see how the present pullback plays out and whether fundamentals are compromised to the downside.<\/p>\n

Encouragingly, this attempt to beat $1000\/oz seems more promising than gold\u2019s last try in February.\u00a0 Both the GBP\/USD and EUR\/USD made fundamental bull statements a while back, and the global economic recovery is gaining steam.\u00a0 Furthermore, crude has been on a tear as investors worry about future inflation.\u00a0 Gold has traditionally served as a reliable inflationary hedge.\u00a0 Therefore, we maintain our bullish outlook trend-wise unless the precious metal should make a fundamentally significant move to the downside.<\/p>\n

Fundamentally we find resistances of $978.11\/oz, $980.56\/oz, $983.25\/oz, $985.33\/oz and $987.29\/oz.\u00a0 To the downside, we see supports of $975.81\/oz, $972.34\/oz, $970.35\/oz, $967.81\/oz, and $964.89\/oz. Gold is currently trading at $977.30\/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 retested our 2nd tier downtrend line yesterday, yet failed to close above on our 4-hour chart…<\/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-2282","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2282","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=2282"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2282\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}