{"id":2310,"date":"2009-06-04T09:22:00","date_gmt":"2009-06-04T14:22:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2310"},"modified":"2009-06-04T09:22:00","modified_gmt":"2009-06-04T14:22:00","slug":"gold-drops-beneath-our-2nd-tier-downtrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/04\/gold-drops-beneath-our-2nd-tier-downtrend-line\/","title":{"rendered":"Gold Drops Beneath our 2nd Tier Downtrend Line"},"content":{"rendered":"

By Fast Brokers –<\/span> <\/strong>Gold fell sharply yesterday, crashing below our 2nd tier downtrend line on rising volume as the Dollar appreciated strongly across the board.\u00a0 However, although the losses in gold were large, the volume didn\u2019t reach too significant of levels on our 4 hour chart.\u00a0 Regardless, investors should take note and adjust their strategies accordingly.\u00a0 The precious metal is presently being denied by our 2nd tier downtrend line as price tries to recover Wednesday\u2019s losses.\u00a0 With the GBP\/USD and EUR\/USD both declining on large volume, we wouldn\u2019t be surprised to see more near-term losses in gold.\u00a0 On the bright side, the precious metal has our 1st tier uptrend line and the $950\/oz psychological level to fall back on, meaning the medium-term uptrend is certainly intact.\u00a0 The question becomes whether the S&P futures can hold onto their 2nd tier uptrend line.\u00a0 If not, we could witness another near-term contraction in U.S. equities.\u00a0 Investors should keep in mind gold and equities are exhibiting a positive correlation these days.\u00a0 In all, gold\u2019s bullish psychology has been dented, but the medium-term uptrend is far from lost even if we see more near-term losses.<\/p>\n

Fundamentally we find resistances of $972.34\/oz, $975.81\/oz, $978.11\/oz, $980.56\/oz, and $984.51\/oz.\u00a0 To the downside, we see supports of $970.35\/oz, $967.81\/oz, $964.89\/oz, $962.50\/oz, and $960.47\/oz. Gold is currently trading at $972.30\/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 fell sharply yesterday, crashing below our 2nd tier downtrend line on rising volume as the Dollar appreciated strongly across the board.\u00a0 However, although the losses in gold were large, the volume didn\u2019t reach too significant of levels on our 4 hour chart.\u00a0 Regardless, investors should take note and adjust their … <\/p>\n

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