{"id":2384,"date":"2009-06-09T11:12:55","date_gmt":"2009-06-09T16:12:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2384"},"modified":"2009-06-09T11:12:55","modified_gmt":"2009-06-09T16:12:55","slug":"gold-climbs-with-a-depreciating-dollar","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/09\/gold-climbs-with-a-depreciating-dollar\/","title":{"rendered":"Gold Climbs with a Depreciating Dollar"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold continues its recovery from our 2nd tier uptrend line and the psychological $950\/oz level as it rises with the depreciation of the greenback.\u00a0 Volume is perking up slightly, a positive sign technically.\u00a0 However, volume is still weak as compared to last week\u2019s pullback, meaning we could be in store for more downward pressure once the present bounce tops out.\u00a0 The precious metal is encountering our 3rd tier uptrend line and $963.45\/oz resistance.\u00a0 If gold can climb past these barriers, we could witness a near-term pop towards our 2nd tier downtrend line.<\/p>\n

Meanwhile, investors should keep an eye on the behavior of the GBP\/USD, EUR\/USD, and S&P futures.\u00a0 Gold\u2019s positive correlation with both the GBP\/USD and EUR\/USD seems intact, while these currency pairs may follow U.S. equities this week due to the relatively light presence of economic data.\u00a0 Even though today\u2019s pop is encouraging, we maintain our negative near-term outlook on gold due to the recent, overwhelming volume to the downside.\u00a0 If the precious metal does experience more downward pressure, our 2nd tier uptrend line and 5\/26 lows should prove to be key defenses against accelerated movements to the downside.<\/p>\n

Fundamentally we find resistances of $960.47\/oz, $963.45\/oz, $965.98\/oz, $968.77\/oz, and $972.32\/oz.\u00a0 To the downside, we see supports of $957.11\/oz, $954.32\/oz, $951.79\/oz, $946.47\/oz, and $943.68\/oz. Gold is currently trading at $959.90\/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 recovery from our 2nd tier uptrend line and the psychological $950\/oz level as it rises with the depreciation of the greenback.\u00a0 Volume is perking up slightly, a positive sign technically.\u00a0 However, volume is still weak as compared to last week\u2019s pullback, meaning we could be in store for … <\/p>\n

Continue reading “Gold Climbs with a Depreciating Dollar”<\/span><\/a><\/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-2384","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2384","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=2384"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2384\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}