{"id":23695,"date":"2011-09-07T18:44:53","date_gmt":"2011-09-07T22:44:53","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=23695"},"modified":"2011-09-07T18:44:53","modified_gmt":"2011-09-07T22:44:53","slug":"gold-analysis-7911-correction-gains-momentum","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/09\/07\/gold-analysis-7911-correction-gains-momentum\/","title":{"rendered":"Gold Analysis 7\/9\/11: Correction Gains Momentum"},"content":{"rendered":"<p>XAU\/USD 7\/9\/11<\/p>\n<p>Gold has dropped today as global equity markets rallied and a \u201crisk on\u201d sentiment prevailed.\u00a0 Our analysis yesterday called for a short term drop after a new record Gold price high was printed and the RSI 14 formed a divergence on the daily chart.\u00a0 The CME\u2019s recent increase in Gold trading margins could also now be having some kind of impact on the price of Gold.<\/p>\n<p>XAU\/USD daily chart shows bearish RSI divergence<\/p>\n<p><a style=\"color: #333333; outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; font-style: normal; font-weight: normal;\" href=\"http:\/\/www.forex-fx-4x.com\/wp-content\/uploads\/2011\/09\/gold20110907_2010.png\"><img loading=\"lazy\" decoding=\"async\" style=\"display: inline; border: 0px initial initial;\" title=\"gold 2011-09-07_2010\" src=\"http:\/\/www.forex-fx-4x.com\/wp-content\/uploads\/2011\/09\/gold20110907_2010_thumb.png\" alt=\"gold20110907 2010 thumb Gold Analysis 7\/9\/11: Correction Gains Momentum\" width=\"595\" height=\"482\" border=\"0\" \/><\/a><\/p>\n<ul style=\"padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 35px; margin-top: 20px; margin-right: 0px; margin-bottom: 20px; margin-left: 0px; list-style-type: disc; list-style-position: initial; list-style-image: initial;\">\n<li style=\"margin-top: 0px; margin-right: 0px; margin-bottom: 5px; margin-left: 0px; list-style-type: disc; list-style-position: initial; list-style-image: initial; padding: 0px;\">Our longer term outlook is for further Gold gains in excess of $2000 if current market conditions persist.\u00a0 The increase in gold buying by private entities and central banks continues to drive price higher.\u00a0\u00a0 A range-bound consolidation period would not be unusual at this stage though after the huge recent gains on XAU\/USD.<\/li>\n<li style=\"margin-top: 0px; margin-right: 0px; margin-bottom: 5px; margin-left: 0px; list-style-type: disc; list-style-position: initial; list-style-image: initial; padding: 0px;\">Price is currently located at the 50 % retrace of 1703.1 &gt; 1920.8.\u00a0 This level is also aligned with the prominent 11\/8\/11 swing high and was our initial target in yesterdays\u00a0<a style=\"color: #333333; outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; font-style: normal; font-weight: normal;\" href=\"http:\/\/www.forex-fx-4x.com\/gold-relative-strength-divergence-at-record-highs-6911\/\" target=\"_blank\">Gold analysis<\/a>\u00a0post which stated \u201cA correction to the 1815 area, which is the\u00a0 50% retrace of 1702.67 &gt; 1917.82 and is aligned with price structure support, may be seen in the near term\u201d.<\/li>\n<li style=\"margin-top: 0px; margin-right: 0px; margin-bottom: 5px; margin-left: 0px; list-style-type: disc; list-style-position: initial; list-style-image: initial; padding: 0px;\">The ascending trend line which held the last major drop is relatively close to the 61.8% retrace of\u00a0 1703.1 &gt; 1920.8.\u00a0 This technical area of confluence could see a reaction as\u00a0 Gold bulls look to rejoin the longer term trend to the upside.<\/li>\n<li style=\"margin-top: 0px; margin-right: 0px; margin-bottom: 5px; margin-left: 0px; list-style-type: disc; list-style-position: initial; list-style-image: initial; padding: 0px;\">Today\u2019s candle , with a range of 189% of the ADR, is however warning of further potential downside to come;\u00a0 this move represents a near 3% drop on the day and the largest drop in two weeks.\u00a0 A wait-and-see approach could be wise at this stage as these strong down days often see follow through.<\/li>\n<\/ul>\n<p><strong>Further analysis at http:\/\/www.forex-fx-4x.com<\/strong><\/p>\n<p>XAU\/USD 4 hour chart<\/p>\n<p><a style=\"color: #333333; outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; font-style: normal; font-weight: normal;\" href=\"http:\/\/www.forex-fx-4x.com\/wp-content\/uploads\/2011\/09\/gold4hour20110907_2018.png\"><img loading=\"lazy\" decoding=\"async\" style=\"display: inline; border: 0px initial initial;\" title=\"gold 4 hour 2011-09-07_2018\" src=\"http:\/\/www.forex-fx-4x.com\/wp-content\/uploads\/2011\/09\/gold4hour20110907_2018_thumb.png\" alt=\"gold4hour20110907 2018 thumb Gold Analysis 7\/9\/11: Correction Gains Momentum\" width=\"595\" height=\"481\" border=\"0\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold has dropped today as global equity markets rallied and a \u201crisk on\u201d sentiment prevailed.  Our analysis yesterday called for a short term drop after a new record Gold price high was printed and the RSI 14 formed a divergence on the daily 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-23695","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/23695","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=23695"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/23695\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=23695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=23695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=23695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}